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1ANCIAL TIMES 



No. 28,700' 

ISs BELGIUM Frkv 



PUBLISHED IN LONDON AND FRANKFURT 

Monday February 15 1982 


FRANCE *5.00; 

—J 


GERMANY DM2.0. ITALY L 1,000; NETHERLANDS FI 2.25; 


NEWS Si MM ARY 


general 


BUSINESS 



*5 

l!t^ 

■m$ 




- " " V.n n 

■PS 

V ; r:|; 


P°LICB ^W^ t 194 People, 

many gfjto*raafnis, during 

detaoartppos In Poznan, the 

PoJbp lfews agency PAR re- 
ported •: -yesterday. The day 
started two- months of militaiy 
tide ih.jP-bfaiid, 

.. .PAJPfiaid groups gathered in 
the tenure' of the dty and 
.shouted “ hostile slogans,” 
ignoring police ’ calls lo dis- 
- petse..- : The 194 arrested were 
■■ Toostly high school and univer- 
,V ‘stty students . or persons who 
•* .’ere neither employed nor study- 
-V" irig anywhere^ 

PAP. said. 162 people were 
•punished by misdemeanour 




^.courts.’ 


Poland endorsed 


BHP 


- - -ir. ■■ 


Soviet Prime Minister Nikolai 
Tikhofov, in an interview with 
.the Japanese paper Asahi. 
yiemfnrsed .the imposition of 
T --•?s lS /^Mrtial law irt Poland and said 
Soviet Union .was giving 
_ .i -• extraordinary economic aid; ‘ 

f ;v %Times ‘may shut J 

•*; Natsopa- union official John 

Mitchell . said the threatened 
Times Newspapers closure may 
have to go ahead iri order to 
^ protect terms and conditions of 
—r?Ji'i-wher -Fleet Street print 
":r=s- : workers. Page 6 .... 

*■ >• .• 

'^Plea by Pope 

■ The Pope, speaking in Kaduna 
*-. -^r : on the third day of his visit 

• -55. -to Nigeria, appealed for close 

• -r-s;.. cooperation between Christian 5 
- ■ .^- and Moslems,: but. a row. among 

Moslem seels prevented his 

• meeting Local Islamic leadens. - 

n S-J-Vw:.-*.-. ■ •• • - 


5 s to 
look into 
Laker’s 
own funds 


# LLOYD’S, the London insur- 
ance market, indicated it would 
have to look into the financial 
standing of Sir Freddie Laker, 
one of its underwriting 
members, who has claimed he 
no longer has substantial 
personal funds. Back Page 

# CHINA plans to set up 
joint venture in London with 
UK-based food company Chan 
Brothers to handle trade be- 
tween the south-eastern Chinese 
province of Jujian and the EEC, 
Back Page 

• SWEDEN plans to raise 

record $6 50m (£3 53 .3 m) by 

public .issue in the Eurobond 
market. Back Page 

• A FALL !n French interest 
rates failed to prevent the 
French franc from finishing as 
the strongest member of the 
European Monetary System 
last week. 

Rumours of a cut in the Bank 
of Italy's discount rate, which 
has been held at 19 per cent 
for almost a year, did not seem 
to damage the lira either. The 
Italian currency improved on 
Friday, to finish almost level 
with the Danish krone, behind 
the French franc and Dutch 
guilder. 

The Belgian franc showed 
little change, remaining the 
weakest member of the system 
hut weH within its alarm bell 
divergence limit. 


— ■ — 1 r 


* rV 


■-L 


,Jirtibahwe Prime Minister 
Robert Mugabe will take action 
ibis week.- against his junior 
coalition partner, the Zapu 
■party .of - Joshua Nkoinn, for 
alleged treachery. Page 2 

Education plans 

Labour has foDowed the Con- 
servatives in . putting forward 
proposals to remove control of 
education : expenditure from 
local authorities. Back Page 


EMS February 12, 1982 


GRID W 


3%- _ 


1*7 


-5L 









Prior vow 

Northern Ireland Secretary 
James Prior satd there would 
be “no stone left unturned” in 
investigating allegations about 
homosexual activities at the 
Kin core boys’ home. A private 
inquiry set up on Friday col- 
lapsed within hours when three 
of the panel of five resigned. 

Rape legislation 

Attorney General Sir Michael 
Havers said on ITV's Weekend 
World that the Government was 
willing to change legislation on 
cross-examining Tape victims 
tiros over previous sexual experi- 
ences if judges failed to use the 
existing law properly. 

Weedkiller scare 

Police mounted patrols in West 
Yorkshire ' to keep children 
away from a stream contami- 
nated with paraquat weedkiller 
which ■ escaped from drums 
after a blast at a depot in 
Moriey. 

Close run 

Sri Lanka beat England ..by 
three runs in the second one- 
day . cricket international in 
Colombo, following England's 
five-run victory, on Saturday. 

Chew on this 

John Blakesiey . won a trip to 
Little Bay, New York by eating 
100 yards of spaghetti in 91 
seconds in a contest an London’s 
West End. He was still far from 
the world record of 28.3 seconds. 



The chart shows the two constraints 
on European Monetary System exchange 
rates. The upper grid bated on the 
weakest currency in the system defines 
the cross rates from which no currency 
(except the Ural may move more than 
2*4 per cent. The tower chart gives 
each currency's divergence from the 
" central rate " against the European 
Currency Unit f ECU I itself a basket 
of European currencies. 

• BANK LENDING in the UK 
. is thought to be growing by 

about £20b.i 'a year, an annual 
increase of over 30 per cent 
Page S 

• LEYLAND .VEHICLES’ 
future could be decided today 
in talks aimed at settling a 
three-week strike by 12,000 
workers. Page 6 

• NISSAN executives are to 
meet the Industry Secretary 
this week to discuss their plans 
for a car plant in Britain. 
Page 5 

NEUE HE MAT, the com- 
pany owned by West German 
trade anions, dismissed its chair- 
man and two board members 
after allegation they used the 
group to promote private busi- 
ness interests. - Back Page 

• AUSTRALIAN entrepreneur 
Robert Holmes fi Court has told 
ACC he intends to match Heron 
Corporation’s £46.6m offer for 
the group. Back Page 

• PROSPECTUS for the sale 
of all the shares In Amersham 
International, the . state-owned 
manufacturer of radioactive 
materials, is published today. 
Page 20 


CONTENTS 


; Tin: battle for the world 

market 18 

j AD 2000: a planet heading 

: for trouble 19 

i Technology: cheap energy 


Lombard: Samuel Brittan 
on expectations about 

inflation 19 

Justinian: fault inherent in 
Harman judgment ...... 15 



from the sun ... ........ 8 Editorial comment: com- 

Management: improving mon agricultural policy; 


quality of 


working 
If 


urban transport 18 


Survey: 


anspor 

AI§D 


9-14 



Arts 
Appointments 

Base Hates 

Building Notes L. 
Bus 'malt ’a Ditry _ 

Company News ... 

Crossword ..’ 

Entertain. Guide ... 
Euromarkets 
Financial Diary ... 
Insurance ............ 

Ina. Appts. 


— 17 


20 

27 

27 
2d 
17 
17 
30 

28 
28 
22 


In a. Cap. Markets 21-22 
inti. Companies ... 22 

Labour 6 

Letters 19 

Ux - 

Leaefem w 

Management 18 

Man and Matte* ..i 18 

Money ft Ewhngs, 30 

Oversees New* ... 2 

'Parliamentary Diary & 

Racing 15 

Share information 3233 


Technology 8 

TV end Radio IS 

UK Nona 4-8 

Unit Trusts 30-31 

Weather 34 

World Been. IntL 3 

World Stock Mkts. 23 

World Trade 3 


OFFERS FOR 
Anwrsham inti, 
Dtinhill Holdings 
ESI London 


SALE 
.. 23-28 
20 
20 


For latest Share Index phone 01-246 8026 


Prior told more jobs 
under threat 
at Belfast shipyard 






IN Pta 55; SWEDEN KrW»; OWTOZBILAND - Fr 20: EIRE «2p; MALTA 30o 


r 

conference 
backs all-member 
ballot for leader 


BY PETER RIDDELL, POLITICAL EDITOR 


BY AULN WATSON, BELFAST CORRESPONDENT 


MR JAMES PRIOR, the 
Northern Ireland Secretary, 
who has to decide this week 
whether the Government will 
help the Dc Lorcan car com- 
pany overcome a financial 
crisis, has been told by officials 
that 7,000 more jobs in Belfast 
are increasingly threatened by 
declining fortunes of Harland 
and Wolff shipyard. 

The State-owned shipbuilding 
company is understood to have 
told the Government that it 
wtlj be unable to contain its 
losses within figures it has 
already supplied to officials. 

Vital new orders arc looking 
much more difficult to find. The 
only order now on the horizon 
would apparently require an 
almost unprecedented level of 
subsidy. 

This heightens’ the poJiliaai 
sensitivity of a decision about 
preserving the remaining 1,501) 
De Lorean jobs in . mainly 
Roman Catholic West Belfast. 

The Government is aware that 
it faces criticism a bon I the large 
amounts of public money used 
to prop up slupbuilrfing jobs in 
fiercely Protestant East Belfast. 

The question now is whether 
it agrees to keep the yard open 
through further huge subsidies. 


or whether the money spent on 
propping up Harland ami Wolff 
could be better spent on other 
forms of help for Northern 
Ireland. 

Officials are now known to be 
worried about the shipyard's 
ability 4o survive in the short, 
rather than the long term. 

Harland ami Wolff has mid 
iliem that financial targets in a 
corporate plan sul>mitlcd to iho 
Government List year are un- 
attainable, and that ir will con- 
tinue to run a very targe deficit. 

Exchange rales continued to 
erode the company's projections, 
and the viciousness of the reces- 
sion is rapidly blotting out hopes 
of winning sufficient orders for 
its oht? design of 1 70,000 - tonne 
bulk-carriers. 

Up to 1,000 redundancies 
among the 7,000 labour force 
are expected within months. 
Even if Ihc shipyard won a 
much-hoped-for order from 
British Steel, a further applica- 
tion for subsidy now seems 
inevitable. 

The Government might have 
to consider a substantial subsidy 
to enable the company to offer 
competitive terms lo British 
Steel. Harland and Wolff is 
cautiously optimistic, that its 


track record on other British 
Steel vessels will count for 
much. 

Mr Prior is due to reveal . 

the Government's attitude lo ! basis. 
Dc Lorean in the Commons i The 
tomorrow or Wednesday. He is 
studying a report on its pros- 
pects from Coopers Lybrand 
and taking advice from Sir 
Kenneth Cork, die. City 
accountant. 

De Lorean made 1.1(10 
employees redundant on Friday 
because of cash-flaw problems 
and the slump in UJ5. markets. 

The Government, if it is to 
find means of helping De Lorean 
over its very considerable 
crisis, is likely to spell out very 
stringent conditions to Mr John 
De Lorean, ihc chairman. 

Ministers do not seem lo have 
completely given up hope of a 
buyer for De Lorean. One com- 
pany is believed lo have made 
a very tentative approach about 
buying it. 

But increasingly the assump- 
tion seems to be that a Receiver 
will have lo be pul in this week. 

The only real hope for the em- 
ployees is that the company 
might be kept kicking over long 
enough to sc)] it as a going con- 
cern. 

Swan Hunter order. Page 3 


MR ROY JENKINS still looks 
likely to become leader of the 
Social Democratic Party later 
this year, in spile of overwhelm- 
ing support at Ihc party’s con- 
stitutional convention for elec- 
tion on a one-memher-onc-vote 


U.S. Ford pay freeze 
agreed by union leaders 


BY IAN HARGREAVES IN NEW YORK 


FORD MOTOR of the U.S. yes- 
terday agreed terms with 
leaders of the United Auto- 
workers Union for a contract 
■which will freeze pay for tiw* 
rest of this year and ent 
workers' ' fringe benefits. 

In return, Ford’s American 
workers will share directly in 
the company’s profits and enjoy 
series of Job protection 
measures possibly unique in 
U.S. industry and comparable 
in some respects to those of 
some Japanese companies. 

The agreement, which came 
after two weeks of negotiations, 
was immediately hailed by bolb 
sides as historic. 

* We have started down a 
road which will mean workers 
being treated in a humane and 
civilised manner during 
recessions,” said Mr Douglas 
Fraser, president of the union. 
Mr Philip Caldwell. Ford chair- 
man, who beard the news of the 
agreement in Hong Kong, said 
that, the contract would be “ the 
catalyst for restoring the com- 
pany’s competitiveness.” 

The main feature of the 
economic side of the deal is that 
Ford workers will give up their 
next three quarterly cost of 
living indexed payments under 


the existing pay contract due to months notice of any planned 
expire in September. ., closure and it will revipw rio- 

For the remainder of the new . sores recently announced, such 


contract, which .runs to Septem- 
ber ISS 4, there will be no lump 
sum annual increases, as there 
have been in previous contracts 
at Uic rale of 3 per cent a year. 

In addition. Ford workers will 
give up 26 days of holiday or 
holiday pay over the life of the 
contract. 

It is difficult to assess how 
valuable these savings will he to 
Ford, although a figure or about 
Slbn (£530m) for the 31 months 
of the contract has been 
unofficially estimated. The most 
far-reaching aspects of the 
agreement in terms of the 
broader U.S. labour scene are 
fhe concessions the union has 
won from Ford on the com- 
pany's use of outside suppliers 
and job protection. 

These agreements, if ratified, 
will he remarkable in an indus- 
try accustomed lo laying men 
off at a moment’s notice when- 
ever demand falls. 

The main concessions: 

• For the next two years Ford 
will not dose any plant in order 
to obtain parts elsewhere. In 
future management will give six 


" the intended shutdown of- an 
aluminium forging plant in 
Alabama. 

• Ford wilj try to maintain its 
overall U.S. employment now 
105,000, and will set up a 
Japancsc-style experiment at t wo 
plants where 80 per cent of the 
workforce will lie guaranteed 
jobs for life. 

• From January 1983. Ford 
workers will share any Ford 
profits in the U.S. excluding 
those from some non-motor 
operations. The formula used 
would start to deliver profit 
bonuses to workers when Ford is 
returning above 2.3 per cent on 
soles. Although Ford has made 
no profits for the last two years, 
the un»on says that between 1971 
and 1978 this scheme would have 
given each worker an average 
payment of between $226 and 
S505 each per year. 

• Workers with IS yeara' ser- 
vice will be guaranteed a cer- 
tain level of earnings, even if 
they are laid off. hy modifica- 
tions to the company’s employ- 
ment benefits scheme. It 

Continued on Back Page 


convention, held in 
London over the weekend and 
attended by 300 representatives 
from local parties, decided in 
favour of giving the rank-and-file 
and local activists a greater 
direct say in the control and 
finance of the party. 

A central theme of the day 
and a half of generally rational 
discussion was the dcicrraina’tion 


SDP convention reports. Page 4 
Men and Matters, Page 18 


of activists to avoid excessive 
centralisation and to lay down 
procedures requiring close con- 
sultation by the Parliamentary 
leadership. 

The option of electing the 
leader by tiie whole membership 
attracted 166 roles. Tins was 
against 73 votes favouring this 
system now. with a switch to 
election by MPs at a later date 
(after the next election or 
when tlic Parliamentary party 
is larger). 

In contrast, the option of elec- 
tion by the MPs. favoured by 
most of the leadership, attracted 
only 63 votes. 

The final decision on lie 
choice of system will be taken 
by the 78.000 members in a 
postal ballot next month. 
Opinion polls suggest that rank- 
and-file members are less in 
favour of one-member-one-vote 
than the activists represented at 
the convention, but yesterday’s 
vote could help to tip the 
balance in favour of this 
system. 

The leadership election will 
not be held, until the autumn. 
Election by ail members rather 
than by MPs makes tne contest 
more open and gives Mrs 
Shirley Williams a greater 
chance, if she decides to stand. 

But surveys suggest that Mr 
Jenkins should stQl be the 
favourite, provided that he 
qualifies to stand by winning 
Ihe Glasgow Hillfaead by-elec- 
tion. probably in five nr six 
weeks’ time. 

Mr Jenkins was almost 
treated as leader when he 
received a standing ovation 
after his winding-up speech. 
He attempted to state the SDP’s 
distinctive approach in the face 
of increasingly sharp criticisms 
by other parties, notably on the 
controversial trade union issue. 

The leadership decision will 
also crucially -influence the out- 


come of a vigorous internal 
debate about the direction of 
the party, particularly about ils 
relations with the Liberal Party. 

Mr Jenkins is seen as favour- 
ing closer ties between the 
parties and stresses the advant- 
ages of a joint Alliance 
approach. 

In contrast. Dr David Owen 
makes no secret of bis fears of 
loo close a merger and believes 
that the two parties should mam- 
lain separate identities, with 
the SDP as a radical rather than 
centrist parly. 

There is a general acceptance 
that Mr Jenkins is likely to 
emerge as overall leader of the 
Alliance. But Dr Owen has 
argued that this post should not 
be held by the leader of the 
SDP and he is believed to have 
urged Mrs Williams to stand. 

Apart from the leadership 
question, the postal ballot will 
also ask members to decide 
whether there should he equal 
representation between men 
and women on the party's 
decision-making Council for 
Social Democracy. 

This followed a tied ISO each 
vote on the question at (he con- 
vention. The “positive dis- 
crimination'* issue aroused the 
most passion during the 
discussions. The convention 
approved minimum representa- 
tion for women on ihe party’s 
national committe and on short- 
lists for PartramenVary 
candidacies. 

The leadership accepted, and 
will not put out to ballot, a 
clear-cut' decision in favour of 
giving local area parties 20 per 
cent of subscriptions revenues, 
previously intended to go to 
head office. 

This was against the leader- 
ship's advice and despite a warn- 
ing from Mr Ian Wrigglesworth, 
from the platform, that the 
move would take £150,000 from 
the national budget and misbt 
mean fewer services and fewer 
headquarters staff in the nftHtp 
to the election. 

The decision will not. how- 
ever, affect this year’s finances 
since the constitution will not 
come into - operation until the 
end of this year. There is 
likely to be pressure to raise 
subscriptions as a result nf the 
vote. aTihnuch this will bp more 
difficult since the convention 
decided that such decisions 
should be taken by the 400- 
strons Council, rather than by 
the small national committee. 

The leadership managed to 
take the heat out of the poten- 
ially contentious issue of policy- 
making. After some adept 
manoeuvring the platform en- 
sured that MPs would retain 
most say over • policies 


Carrots 
above oil 
on Shell 
farm 


- By Ray Dafter, Energy Editor, 
in San Francisco 

Down on a farm in Cali- 
fornia, Shell Oil has found a 
liedge against falling crude oil 
prices— carrots. 

Shell Oil is big in carrots. 
Last season it produced Ibn 
of them — about 55,000 tons — 
to capture 4 per cent of the 
U.S. carrot market. It has 
also become a member of the 
unofficial group of carrot- 
exporting companies, shipping 
the vegetable to Scotland, 
among other places. 

Now the company — the U.S. 
subsidiary of the Royal Dutch/ 
Shell Group— is preparing for 
another bumper carrot crop. 
Shell Oil. which has built a 
reputation for its oil- 
product ion technology, has 
been busy developing its own 
carrot recovery equipment 
Its Belridge Farms subsidiary 
has just spent $200,000 on a 
mechanised carrot cropper, 
which, according to Mr Bob 
Herrick, head of the fanning 
enterprise, should .replace ten 
trucks and ten picking crews. 

Mr Herrick axed to be 
general manager of the 
20.000-acre ranch. But since 
the farm was acquired in 
1979 by Shell as part of its 
record-breaking 53.65hn take- 
over nf Belridge Oil, Mr Her- 
rick has been given a title 
more in keeping with the big 
oil business. He is now vice- 
president and chief operating 
officer of Belridge Farms. 

Although, little known hy 
those in the. oil Industry, 
Belridge Farms is a sizeable 
operation. The turnover of 
the farming and associated! 
packing business is running 
at over S35m a year. Even so. 
it was hardly noticed in the 
Belridge acquisition. As a 
senior Shell executive said, 
the valne of the farm hardly 
registered In the takeover 
sensitivity analyses.. 

Shell Oil has not -gone Into 
the farming business as 
a deliberate diversification 
move. The ranch is being, 
retained because it may tie- 
above one or more oil fields. 
In geological parlance, the 
land contains some interedV 
ing “structures.” Mr Herrick 
and his 350 employees hope 
that, if oil is found, (hey win 
he allowed to farm around the 
wells. 

That may be wishful think- 
ing. In the neighbouring 
Belridge oil field — the reason 
for the takeover — producing 
welts resemble a crowded 
pasture of nodding donkeys. 
Shell Oil is about to relocate, 
a school of 89 students, which 

Continued on Back Page 


OFT to probe building society 


BY DAVID CHURCHK1_ CONSUMER AFFAIRS CORRESPONDENT 


THE Office of Fair Trading is 
poised lo launch a probe into 
one of the loading buikHng 
societies following increasing 
consumer complaints. 

The investigation, under the 
1980 Competition Act, enables 
the OFT to investigate any anti- 
competitive practice being 
carried out by a single company. 

The OFT is particularly con- 
cerned at the lack of freedom in 
the borrower’s choice of insurer, 
restrictions oh the use of insur- 
ance brokers, and claims by 
building societies to the com- 
mission payable on insurance 
policies. 

A short-Hst of the building 
societies about which there have 
been most complaints has been 
drawn up by the OFT, and a 


decision on which society to in- 
vestigate will be taken shortly. 
The probe will be. seen as a test- 
case for the other societies. 

The OFT lias, for several 
months, been concerned about 
the rising number of com- 
plaints received — often 
through MPs — about build- 
ina societies' practices in 
several areas. Apart from in- 
surance matters, they include 
the mortgage redemption and 
the accessibility of surveys. 

In October Mr Gordon Borrie, 
Ihc director general of fair 
trading, warned building 
societies that if justified com- 
plaints continued to be made, 
then he would take action. 

The probe, when announced, 
is likely to take between six and 


nine months. The OFT will 
hope that this investigation will 
be sufficient to persuade the 
societies to change their 
operations. If this fails, then 
the matter is likely lo be 
referred to the Monopolies and 
Mergers Commission for a 
further six-month study lo 
determine the public interest 
issues involved. 

The building societies have 
also been criticised recently by 
consumer groups such as the 
National Consumer Council. In 
a report, published last year, 
the NCC said : “ The societies 
are not as full and frank as, 
in our view, they should be in 
the information -they disdose to 
their consumers, whether they 
be investors or borrowers. 


U.S. company in silicon chip advance 


BY ALAN CANE 

U.S. electronics company 
seems to have taken a signifi- 
cant lead over its American 
competitors and the Japanese 
by cramming more devices onto 
single silicon chip titan has 
been achieved before. 

Hewlett-Packard, whose pro- 
ducts range from test equipment 
to computers and whose best- 
fexrwn products ore hand-held 
calculators, claims to have 
fabricated 660.000 devices on a 
single quarter inch square of 
Silicon material— equivalent to 
one and a half times the number 
of parts in a jumbo jeL 
It claims to have achieved 
this' development using conven- 
tional chip-making technology 
rather than the very sophisti- 
cated methods thought neces- 
sary for such advanced work. 


The company is putting these 
chips into moss production as 
tfie foundation of e micro- 
computer more powerful titan 
anything seen before. 

It will process computer 
digits 32 a4 a time— tiie same as 
very large computers or the 
most advanced smaller com- 
puters. 

The only other company 
produce a similar set of micro- 
chips for a computer is the U.S. 
company Intel and these have 
not yet been used in a commer- 
cial product 

Microcomputer chips are made 
by photographing; the complex 
circuitry required onto chips of 
silicon. Conventional production 
methods use ordinary light and 
make it possible to fit tran- 
sistors on the chip only 


120 millionths of an inch apart 
It was thought that electron 
beams would be needed to get 
down to 40 millionths of an 
inch (one micron), but now 
Hewlett-Packard seems to have 
achieved this with ordinary 
light. 

The company's feat, announced 
at an international solid-state 
conference in San Francisco at 
tbe weekend is significant for 
two reasons. First, the U.S. 
seems ro have wrested back its 
lead in semiconductor tech- 
nology from tbe Japanese. 
Second, with just six of its new 
chips, Hewlett-Packard will be 
able to build a computer as 
powerful as an orthodox small 
mainframe — the workhorse for 
most commercial companies. 
Computer hardware costs look 
hie nose-diving again. 


Typewriter 
or word processor? 

It depends on 
how much you need 
torememb 



Our 121 typewriter 
can remember Urn 


At Olivetti we make three electronic 
typewriters with memories. 

Our12I can store one line of -type and 
costs around £5 a week to lease. 

Our 221 can recall two lines ora 
hundred words and costs £750. 

The 231 can recite seven pages andwill 
■setyou back about £10 a week. 

% Whereas the new 351 word processor 
has a memory store outside in which it 
can store sixty-four pages. It also costs 
more: some £15 a week. 

The daddy of them ai! is our ETS 1010 
with VDU which can hold the complete 
worksrf5hakespsreforaround£30avreek. 


While our ETSIOIOwbrd processor 
can remember GO pages. 

So do you need atypewriter? Ora 
word processor? Think of it another way: 

SSL Olivetti 

VfendDrooesshe 


to forget? 


Please send me details of the. 

ET1210 £72210 ET2310 ET351D ETSIOlOOl 

Nam p 


[Company. 

Position— 

Address— 


-TeL 




1 Send tcAfelerie Better; British Olivetti Limited. 

] 86-88 Upper RidimtxriRd.,Putiwy.LondonSW152UR. 
J Tet 01 -785 6666. 








Financial Times Monday February ; 15 4982V. 


OVERSEAS NEWS 



Mugabe attack 
on Nkomo puts 
coalition in peril 


BY OUR SALISBURY CORRESPONDENT 


. THE FUTURE of the Mugabe- 
^ Nkomo coalition Government in 
Zimbabwe hangs in the balance 
this week,' following Ur Robert 
Mugabe's bitterly outspoken 
weekend attack on his coalition 
partner. i 

. The Prime Minister, speaking 
at an 1 8, 000-strong party rally 
rat Marandellas. near Salisbury. 
. vented his anger at the dis- 
covery last week of arms caches 
: in different parts of Matabele- 
land, on property owned by Mr 
Joshua Nkomo’s Patriotic Front 
•party. 

; Tn what is seen as his 
1 strongest attack since independ- 
ence on any political figure, in- 
cluding the former Prime 
- Minister, Mr Ian Smith, the 
-Prime Minister likened Mr 
' Nkomo’s role in the Cabinet to 
baring " a cobra in the house-" 

The Patriotic Front has five 
Ministers in the 26-member 
Cabinet, and 20 seats in parlia- 
ment. compared to the ruling 
Zanu-PF*s 37. 

Mr Mugabe said that his party 
would this week decide what 
action was to be taken. “ Some 
of you think that nothing is 
going to be done. But I can 
assure you something will be 
■ done.” 

In a particularly virulent 
attack on Mr Nkomo, he went 
on: “ The only way to deal 
effectively with a snake is to 
strike and destroy its bead." 

Reopening old wounds, the 
Prime Minister accused the 
Patriotic Front leader of 
“ trying to sell the country to 
our oppressors" at secret talks 
in the 1970s with Mr Smith, and 
also at the Geneva and Lancaster 
House conferences. 

There was no immediate res- 
ponse from Mr Nkomo. But last 
week, he denied any knowledge 
of the arms caches, and said 


WfPBrrrsiisgsB 



Mr Joshua Nkomo: 
no immediate response 


that his party “ planned no rebel 
action whatsoever." 

Mr Mugabe said that while Ms 
party had been trying to reunite 
the country, “ our colleagues in 
government were stockpiling 
and bolding enough weapons to 
arm 20,000 men” 

The coalition has been under 
strain in the past, notably after 
last February's fighting in 
BuJawayo and the Midlands 
between former guerrillas of the 
two parties. But Mr Mugabe 
has tended to stay above the 
disputes. 

This time, however, his deci- 
sion to go so spectacularly for 
the political jugular vein only 
a fortnight after promising 
talks between the parties to 
establish a one-party state, sug- 
gests a change of tactics and a 
determination to confront Mr 
Nkomo head on. 


Arrests in 
Portugal as 
‘terrorist 
plot’ fails 


By Diana Smith in Lisbon 


THE Portuguese authorities 
made a number of arrests 
over the weekend after the 
Balsemao Government an- 
nounced that it had foiled 
a terrorist attempt to sub- 
vert democratic institutions. 

This followed the failure 
of a general strike on Friday, 
called by the Communist-led 
trade union confederation, 
and arrests in Lisbon the 
same night of three men in 
a car loaded with anus, 
explosives and pamphlets 
calling for insurrection. 

A hard-hitting television 
speech on Saturday night by 
the Interior Minister, Sr 
Angelo Correia, implied that 
the Government linked the 
series of incidents to a Com- 
munist-inspired plan to over- 
throw the regime under 
cover of the strike. 

The Communist Party Ss 
closely tied to Moscow and 
last Friday the Soviet 
Ambassador was summoned 
to the Foreign Ministry and 
warned that he must apologise 
publicly for his embassy's 
labelling of the Socialist 
leader. Sr Mario Soares as 
“ menially unbalanced, and in 
need of prolonged treatment," 
or face the consequences. 

Sr Correia disclosed that 
throughout Friday numerous 
bomb threats were made 
against Parliament, aircraft 
of the national airline, the 
Lisbon bridge and many 
individuals. 

The Minister said that after 
the arrests on Friday road- 
blocks were set up and 
national Republican Guard 
officers were injured severely 
when a number of cars 
crashed through the blocks. 
In several instances police 
were fired on. 

The Communist-led trade 
union. CGTP, has denied any 
connection between the strike 
and the incidents. 


Nato ‘weak in conventional arms 


BY BRIDGET BLOOM 


NATO countries face the possi- 
bility that an outbreak of war 
in Europe would lead rapidly 
to the use of nuclear weapons, 
unless they spend more on con- 
ventional weapons, General 
Bernard Rogers, Supreme 
Allied Commander in Europe, 
said in Munich. 


Gen Rogers was speaking at 
an annual defence studies con- 
ference attended by senior U.S- 
and European policymakers in- 
cluding Mr Caspar Weinberger. 
UJS. Secretary of Defence and 
Herr Hans Apei, West German 
Defence Miniker. 


In one of this toughest state- 
ments for a long time, the 
senior North Atlantic Treaty 
Organisation commander said 


that Nato governments could 
close the growing gap between 
the alliance and the Warsaw 
Pact's conventional forces if 
they increased defence spending 
by 4 per cent in real terms over 
each of the nest five years. Such 
a coarse had been recommended 
by Nato commanders and would 
be laid before Nato Ministers 
in the form of detailed propo- 
sals in May. 

Conventional forces had been 
so neglected over the past 
decade that “ what I have today 
is a pocket full of promissory 
notes,” Gen Rogers said. 

Current strength was such 
that the commander in Europe 
would have two alternatives on 
the outbreak of war — escalation 
or capitulation. 


Gen Rogers said he believed 
-it was unlikely that if there was 
escalation to the nuclear , level 
it could be long confined to the 
battlefields or even medium- 
range systems. 

Nato needed enough conven- 
tional forces to meet not just 
the first but also the second 
echelon of Soviet divisions on 
the central front, Gen Rogers 
said. 

This would induce the Soviet 
Union to withdraw rather than 
escalate the war. ■ 

Disagreement between the 
U.S. and Europe over responses 
to Poland to East-West trade 
and to detente flared in public 
several times during the 
conference. Mr Weinberger 
referred to the “ profligate ” 


transfer of technology which 
had allowed the Soviet Union 
to catch up militarily. He 
underfilled ■ the TLS. Adtoini 
Stratton's hostility- to the gas 

pipeline deal . between ISurope 

and the Soviet Union and he 
chided West Europeans for an 
often inadequate defence effort. 

The U.S, Defence Secretary 
said the Administration would 
urge Congress fo repeal recently 
passed buy-American legislation 
which could preve&t eales of. 
European defence equipment to 
the U.S. Congress passed five 
amendments to the appropria- 
tion Bill at the end of last year. 
One could jeopardise potential 
sals of the British - Hawk 
trainer aircraft worth several 
hundred mill ion , pounds. . 


Soviet Premier reinforces 


backing for Jaruzelski 


BYOAVJD SAT7ER tN MOSCOW AND DAVID BUCHAN M LONDON 


MR NIKOLAI TIKHONOV, the 
Soviet Prime Minister, yesterday 
gave the most emphatic Soviet 
endorsement to date of the im- 
position of martial law in 
Poland and said the Soviet 
Union was giving Poland “ con- 
siderable" economic aid. 

In an interview with the 
Japanese newspaper, Asahi, the 
Soviet Premier claimed martial 
law had saved Poland from 
“ anarchy, disintegration and 
civil war.” He attacked the U.S. 
for " startling hypocrisy ” in try- 
ing to use Poland’s internal 
crisis to impose its economic and 
political will on its allies. 

Unlike the U.S., the Soviet 
Union was “vitally interested" 
in the restoration of “normal 
life ” for the Polish people, Mr 
Tikhonov asserted. The Kremlin 
is believed to be anxious that 
the Polish Communist Party, 
currently in disarray and taking 
a back seat to the army, should 
soon regain its “normal" lead- 
ing role. 

Mr Tikhonov said the Soviet 
Union was continuing to fulfil 
its economic obligations to the 


Police arrested 194 people, 
many of them students, 
An ring demonstrations in 
Poznan yesterday, the Polish, 
news agency PAP said. 
Renter reports from Warsaw. 
Some 162 of those arrested 
had been punished by mis- 
demeanour courts, the agency 
added. 


Poles “despite the fact that 
Poland is so for taxable to 
balance its trade.” He put no 
figure on the “ huge assistance ” 
Moscow has been providing. But 
Western analysts believe it may 
amount to nearly $2bn in hard 
currency last year, while the 
Soviet Union may have been 
subsidising Poland's trade 

AP reports from Bucharest: 
The Romanian Government 
yesterday announced sharp price 
increases for a series of basic 
foodstuffs. The price of rice 
was raised by 87 per cent, meat 
by about 64 per cent and sugar 
by 55 per cent 


Community Ministers to 


meet on EMS today 


BY fOHN WYUS5 IN BRUSSELS 


EEC FINANCE Ministers meet 
here today to discus modest 
proposals for developing the 
European Monetary System 
CEMS), which indicate that the 
Ten are still a long way from 
agreeing on a plan for dealing 
with U-S. interest rates and 
dollar instability. 

Discussions at official level 
and between central bank 
governors have been so Incon- 
clusive that the European 
Commission has drawn back 
from preparing any written 
proposals on interest' rates and 
the dollar. 

M Francois-Xavier Ortoli, the 
Commission’s vice - president 
and M Jacques Delors, French 
Finance Minister, have been 
arguing in favour of creating 
a so-called “zone of probabi- 
lity” between EEC currencies 
and tiie dollar. 

This scheme, supported by 
some of the smaller member- 
states, would maintain the 
exchange rate between the UJ5. 
dollar and the European 
Currency Unit (EU), the EEC's 
composite currency, within a 


certain bend. 

It is recognised that ;ai. pre- 


requisite for . a successful -djyUar 


policy is U.S. co-operation, 
is unlikely because Washington 
would have to abandon ItspoBcy 
of not -intervening in currency, 
markets to support The dollar. 
West Germany and the UK 
doubt the possabflitias. ofany 
unilateral action by the Euro- 
peans to insulate ' themselves 
from the effects', of- . US. 
economic policies.- 

While Minustems. may daft for 
more work on -the “ zone pf 
probability ” idea, : they . will 
. certainly • Agree on--foe- iHgenti 
need for sortaihed and concerted' 
pressure to .warn the American 
authorities ; that; their cu rr e nt 
fiscal and monetary policies 
threatening - to undermine 
economic recovery in the EEC. 

With the arm af preparing 
reoommehdalioDe for. . next 
month's EEC stnmniti Ministers 
may also, call for precise 'recom- 
mendations on tocrearfng the 
use of foe European Currency 
Unit ■ : i: V- . 

Editorial Comment, Page 18- 


grow oyer 



By ReginaW US. BBtor 

in Washington / * 


THE DEBATE over TJA 
votvement iu.El^vador 
.sided a S 

Colonel Q 

violating. and 

a . Democratic .-Senator viaw 
the- country ; mtiased tw 
Government's - : human .., 
policies. • - ^ J] 

.. Jfij- -Deane - , Hinton,: US 
ambassador in- San Salvador 
announced that LtCbi Harry 
Melander, one- of foe 50 or so 
U.S. .'mUitaiT adrisers in the 1 
country, would be sent - home 
within a Week foafowing. an. in- 
cident invritichieandfour 
-other US, ; personnel . were 
filmed canyii^^tmauthorised 

combat weapdo^in an area sub- 
ject 'fo attacfc 'Ijy;; left-wing 
guerrillas. ... _ ... 

-The incident, shown' on tele-; 
vision in the - . U&, -. stirred! 
anxiety aipong many Americans 
who fear that El Salvador may 
be turning' into a: second Viet- 
nam -.and ; gave a boost to 
opponents of tho- Admimstra- 
ifouV . potiries. in Central 
'America.'- ' v " •- . 


Mr Alexander Haig, foe US. . 
Secretary of State, has returned., 
from a trip ; to -Europe and' 
North Africa'- to find himself in 
foe nridcficofa new controversy 
over whether foe or Hr Caspar 
Weinberger, the Defence Secre- 
tary, Is ; limning foreign policy. 
Israel has takeh Mr- Weinberger 
fo task for. -seemingly. pro-Arab 
and - anti-Israeli remarks he 
.’made oh a. trip' to . foe Middle 
East last. week.- . 

. Mr'Haig saad Mr Weinberger 
had- Seen zmsreported and had, 
in. feet, Stuck pretty closely to 
a line that the two men had 
co-ordinated beforehand. There 
had not been, and be did not 
contemplate, any .change in foe 
U.S. "policy of support . for 
Israel. 




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U.S. urged to c^b lsrael aid 


BY RICHARD JOHNS, MIDDLE EAST. EDITOR, IN . TUNIS 


ARAB Foreign Ministers 
have appealed to the U.S. to 
cease giving military and 
financial assistance to Israel. 
They decided on this action 
at talks in Tunis called by 
Syria to discuss and agree 
upon a collective response to 
Israel's annexation of foe 
Golan Heights. 

The Ministers also, estab- 
lished a commission to 
evaluate links between Arab 
states and countries “support- 
ing foe Zionist entity.” The 
Intention is that Arab 
relations will be adjusted 
according tQ foe position 
taken by states on the 
question of “ Arab rights.” 

That was ds far as foe 
meeting, which ended on 
Saturday, went in threatening 
reprisals against foe UB. for 
its veto last month of a draft 
resolution in the Security 


Council catting for voluntary 
sanctions against Israel and . 
other states which voted 
against Israel’s condemnation, 
or abstained fo another antik; 
Israel. Vote 'in fo«i ^General ; 
’ ' Assembly, a. fortnight ago- 
The outcome of . fori Tunis, 
talks was a victory for . the ‘ 
moderate camp- led by Saudi * 
r Arabia. , which argued : for 
Y measured, graduated 
approach designed to win foe- 
U.S. over to foe Arab point 
of view by pereoasioff of its. ; 
bept interests rather than by 
pressure. 

- In the event Syria did not ; ; 
struggle bard for .its- demand •’ 
for far-reaching economic and ;.. 
fin anc ia l sanctions against .- 
the 1 U.&. including a boycott 
, of merchandise imports from 
. it, a prob*ftion against foe - 
grout of contracts to Its 
companies, and foe . wfflt- 


. drarwal of faadsfrom US. 
banks. 

.... . -No prerise guidelines have 
been . set for. foseraing what 
might qoapfy offending steles 
for Arab reprisals 1 or. what 
retattstioff might: he. . 

; Represented . .. ; on' . ffi» 

. ministerial - commission are 
AlgerfaCIraq, Jordan, Kuwait 
foe • .Palestine litberatioa 
. Orgam&tflojv Saudi Arabia 
and Syrto. R is to- report to 
foe Aknb Sunrinkl^enfemice. 
suspended ' ;; in . Fez last 
November, whenever it Is 

IVesmnefc..'. 

Reuter > reports from Tel 
Aviv:- '.Dime inhabitants of 
foe Gtdan Heights- began an 
indefinite strike 'yesterday 
lever foe detention of four of 
their leaders ■ accused of in- 
citement against Israel. All 
shops and . businesses were 
dosed. ■■ 


a e 



Mubarak sees population 
growth as key problem 


BY. ANTHONY McDERMOTT IN CAIRO 


Mr Khaddam: discounted 
reports of violent conflict 


Syrians report 
‘mopping-ujp’ in 
northern city 


Bjr Our Foreign Staff 


SYRIAN OFFICIALS said 
yesterday that ’ mopping-up 
operations were awtinuing 
against Moslem fundamentalists 
rebels in the northern city of 
Hama. The rebels are opposed 
to the Ba’ath Party Government 
of President Hafez al-Assad, 
which draws its main support, 
from the minority Alavrite sect. 

Earlier, the Foreign Minister, 
Mr Abdel-Halim Khaddam. said 
that the drive against the rebels 
— members of .foe outlawed 
Moslem Brotherhood — had 
ended. 

The officials said that a road 
by-passing Hama to bnk 
Damascus with northern Syria 
was renpened yesterday after 
being closed last week during 
the disturbances: But the main 
road into Hama itself remains 
blocked. 

The Government has denied 
U.S. reports of major battles and 
heavy casualties in Hama, but 
the official news-media has 
reported scores of arrests and 
the seizure of large quantities 
of arms and ammunition. 


PRESIDENT Hosui Mubarak of 
Egypt has firmly . identified, 
as the- key to his co untry ’s 
economic problems the -growth 
hi population, now r unnin g at-' 
more than 3 per cent a. year. 

. . He was addressing : foe’ open- 
ing session -of .. a - " national 
economic conference here at the 
weekend, which is due to estab- . 
lish the guidelines for long-, 
term policies and planning. - 
“ The present . rate of; 
population increase Obstructs 
economic development and 
shatters our hopes for securing' 
a prosperous life for every 
Egyptian;” he declared. ’ 

In discussions ; following his 
speech, based on some of . the 
35 paperg produced tor the con- 
ference, . . two r former. .-Prime 
Mmdsterk suggested' 1 modifica:' 
tidns to the liberal economic 
policies initiated:. by the Tate 
President Anwar Sadat in 1974. 

Mr Mnbarak said that last 
month Egypt's populatron-had 
reached 44m and was growing 
. at the rate of L3m a year. He 
calculated it would reach 70m 


by foe year 2,000 and double in 
foe -following 25 years. 

; After Mr . Mubarak's speedi. 
discussioa started on a working 
paper suggesting the investment 
annually of E£6bn (£3.Sbn) to 
pihduce ^00,000 new jobs a year. 
- ... . Mr Mubarak gave ocher.figures 
to itturtrate the extent to' which 
the population would have an 
fenpact on foe ecoomny. He 
-po^ofed out- that oveir foe next 
T 18 years, 8m; hoofing tmits 
would be required and that the 
-naaiber ■ o£ \ - schod-cfaiWren 
qualifying fog compulsory prim- 
ary schooling would double by 
foe- year 2,000 to -‘13m. 

^ r- Among foe other speafeea®,- Dr 
- AbdeQ-Aziz' Higaai, Prime Minis- 
. tea- between: 1973 and-197% .was 
. critical ‘ -President ' SOdaft 
Open -Door «5pnomic policy- 
ssayfog it .bad -failed to attract 
ptodu&fce, . foreign and.- local 

rBaifliS, Prime 
Mlnififor ' bdttve®t-Dcfi)ber ; J978 
and May 198&,.pi^)odedth0t foe 
public. sect<ur di[>Dkl be re- 



Sv. 




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Jg^uKial Ttnies Monday- February 15 19S2 


WORLD TRADE NEWS 


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BY PAUL. CHEESERIGHT, WORLD TRADE EDITOR 


BRITISH exporters have made a 
maior advance into the Gabonese 
miffltet'by establishing them- 
selves, after two years’ negotia- 
fion, ' : as suppliers to . the 
Gabonese Railway Authority. . 

Midlan d Bank .has signed a 
loan agreement with the Gabon 
Ministr y of Economy and 
Flaaiice to ipovide a project 
line of credit worth £20m at 8.5 
per, bent interest to fund initial 
purchases. Further credit 
arrangements for another £60m 
«re likely iater this year. 

The .existing line is the first 
. buyer, .credit supported by the 
Export , Credits Guarantee 
Department in Gabon. The funds 
are coming from Barclays Bank 
and- Lloyds Bank, as well as the 
Midland. 

: They will cover purchases of 
equipment for the first phase of 
the Trans-Gabonese Railway, 
new nearing completion, and 
services for both the first and 
second phases of the' project. 

ECGD said that Henry Boot 
Engineering bad signed a con- 
tract for the provision of £l.3m 
worth of track. Negotiations 
were well advanced, it said, on 
four further contracts: 

• Consultancy services worth 


£3m from Trans mark, the British 
Rail subsidiary, related to the 
running of the first phase and 
the planning of the second; 

• Cranes . from NEI-CIark 
Chapman costing £850,000; 

• marine vehicles, as feeder 
vessels for the railway, valued 
at £l-5m from Rotork Marine; 

• Clips, which hold railway 
tracks to sleepers, costing 
£100,000 from Pandrol. 

It is also believed that BRE- 
Metro, owned by British Rail 
and Metro-Cammell, the Laird 
group subsidiary, is negotiating, 
for the sale of rolling stock 
valued at about £5m. 

Additional credits will be 
available if. as expected, Euro- 
trag, the 18-member consortium 
of European companies, in which 
Taylor Woodrow International 
and Wimpey have a 22 per cent 
stake, win what will probably 
be a £350m contract to build 
the second phase of the railway. 

M Jean-Pierre Lemouba, the 
Gabon Minister of Economy and 
Finance, said in London that 
contracts for the second phase 
would be signed in May. Gabon's 
borrowing policy demands that 
funding for it will have to be at 
fixed rates of interest. 


UAC, Matsushita in joint 
deal for Nigerian plant 


BY MARK WEBSTER 

UNILEVER'S subsidiary. UAC, 
.has Teached agreement in prin- 
ciple- with the giant Matsushita 
Electric Company of Japan for 
the establishment of an electri- 
cal and electronic' manufactur- 
ing company in Nigeria. 

The agreement hinges on a 
decision by the Nigerian 
Government about the share 
structure of the new company 
In the light of the West African 
Government’s insistence on a 
minimum local holding. 

The establishment ot a manu- 
facturing company would be a 
logical development of more 
than 20 years of dose co-opera- 
tion between Matsushita and 
UAC in. Nigeria: 

After years of trading and 
assembly, the Lagos Govern- 
ment has made it clear that it 
•wishes to increase the locally 
manufactured/ content, in pro- 
ducts - on.:. the Nigerian market 

But until recently, there has 


been confusion over the 1 
Nigerian “ in digen isation " law 
which insisted that any com- 
pany in Nigeria, even if it held 
only a minority foreign share- , 
holding, be considered an 
entirely foreign company for , 
the purposes of fresh invest- 
ment. I 

The law has proved an im- 
portant disincentive to fresh 
investment by companies with a 
majority Nigerian holding like 
UAC’s Nigerian arm, UAC of 
Nigeria. . 

But the administration of Pre- 
sident Shehu Shagari fcfcs -indi- 
cated it wants to encourage 
more investment and is likely to 
decide the shareholding of the 
new company on the basi3 that 
UAC Nigeria is already largely 
in Nigerian hands. 

The establishment of an 
electronics manufacturing indus-, 
try has’ - Jong .been sought by 
Nigeria. 


UUorld Economic Indicators 


RETAIL PRICES 



Dec. *81 

(1975 - 

Nov. VI 

100) 

Oct *81 

Dec. *80 

% change 
over 
previous 
year 

W. Germany 

1322 

IJL8 

137.2 

124.4 

63 

UK 

229.1 

227.7 

2253 

204 S 

1X0 

; France 

197.0 

195.7 

- 194.0 

1723 

14.0 

Italy 

27X2 

27M 

265.9 

231.6 

18.0 

• Netherlands 

14X4 

14X4 

mo. 

13X2 

7 A 

j Belgium 

152.1 

1*1-1 

1493 

7406 

82 

US. 

T74A 

774.1 

17X6 

1603 

8.9 

Japan 

T45.9 

145.7 

146.1 

139.4 

43 


Soures (excgpt U-S.. 

. Japan): furonat 


Turkey in 
nuclear 
plant talks 

ANKARA — Turkey has 
taken steps to acquire two 
small-size nuclear plants 
from Kraftwerkc Union 
(KWU) of West Germany. 

The Turkish Foreign 
Ministry has asked for lecb- 
nlcal-Ievel meetings with 
KWU to build two 400 JHw 
plants along Turkey’s Medi- 
terranean coast. 

The two plants would 
reportedly cost 91.0bn. 
Turkish efforts la the past to 
acquire a nuclear power plant 
failed because Ankara was 
unable to obtain foreign 
financing. 

An effort In 1980 to buy a 
Swedish nuclear power plant 
fell through when the sup- 
plier's credit was withdrawn 
. in 1980. 

KWU. the leading West 
German nuclear power station 
builder confirmed it was hold- 
ing talks with. Turkey about 
the possible supply of 
reactors. 

Agencies 

Iran seeks new 
economic ties 

By Our Rio de Janeiro 
Correspondent 

IRAN HAS sent its first 
Government mission to Brasil 
since the 1979 revolution 
with the aim of re-establish- 
ing the once-flourishing 
commercial relations between 
the two countries. 

Led by a clerical member 
of parliament. Ayatollah 
Mohajerani, the seven-man 
mission is paving the way for 
the arrival of a more senior 
trade mission empowered to 
sign contracts. 

Before the Revolution Iran 
was Brazil’s third largest oil 
supplier, after Iraq and 
Saudi Arabia. As late as 1979 
these imports were worth 
$82 7m. 

Iranian officials said they 
are particularly Interested in 
tapping into Brazil’s agricul- 
tural technology and would 
like Brazil to restore its 
intake of Iranian oil to pre- 
revolntlon levels of 150,000 
barrels per day. 

Iran is unlikely to get an 
encouraging reply on the oil 
question 

£16m Mexico order for 
Perkins diesel engines 

By Our Industrial Staff 

~ THE PETERBOROUGH-based 
Perkins diesel engine manu- 
facturer is to supply $30m 
(£16. 5m) worth of engines to 
Mexico under a new financial 
arrangement with the Mid- 
land Bank. 

Perkins will' sell the 
engines to its associate com- 
pany Motores Perkins for 
assembly and the Export 
Credits Guarantee Depart- 
ment has guaranteed the loan. 

Under the new arrange- 
ment, which Perkins expects 
to ensure stable funding for 
its business, the ECGD is 
backing a loan by the Mid- 
land Bank to a Mexican 
Institution, National Finan- 
ciers, for the purchase of 
* diesel engine kits. 


Howto talk business in Germany. 


The German economy is 
kept on its toes thanks to a 
whole series of activities and 
campaigns in which experienced 
managers take part to just as 
great an extent as young, 
up-and-coming executives, 
and entrepreneurs just as much 
as their colleagues all the way 
up the hlerarchi cal ladder. 

Catering for the needs of 
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Communication In Germany 


Graner+Jahr AG & CD, Druck-imdVferia^au^ Hamburg 36 , Vlfest Germany 


Westerly Christner analyses the troubles plaguing Sweden’s maritime industry 

Shippers hit by high operating costs ... 


SWEDISH shipping companies 
have been lobbying vigorously 
to reduce the heavy operating 
costs which they claim threaten 
the industry’s survival. 

The companies cite estimates 
that the Swedish merchant fleet 
has shrunk from a record high 
of 12.9m deadweight formes in 
197B to 5.5m dwt last year, the 
lowest since 1961. This com- 
pares with the British fleet's 
50m dwt in 1976, down to 39.9m 
dwt at the end of last year. 

Owners blame this situation 
on the soaring prices of build- 
ing new tonnage, bunker 
charges, high interest rates, 
currency exchange losses and 
rising manning costs. 

Sweden holds the dubious dis- 
tinction of haring the highest 
manning costs— including taxa- 
tion and employers' fees— in the 
world. 

Until the mid-1970s when the 
effects of the oil crisis hit 
Swedish shipping, maritime 
unions successfully demanded 
uniquely generous wage and 
benefit settlements. 

The average officer today 
works about five months out of 
12, the seaman somewhat more. 


Their income is subject to a 
special, lower seamen’s tax— 
against which -extra on-shore 
work is taxed from zero. 

“In 1973." all bulk and oil 
carriers were employed. The 
following year, the unions said 
if the owners did not give them 
everyth in? they wanted they 
would strike. So the owners 
gave in to all the demands." 
said a Gothenburg maritime 
industry expert. 

The consequences of the 
world shipping slump, com- 
bined with Sweden's high costs, 
were disastrous. Ships were 
sold, sometimes at less than 
their real value, to obtain extra, 
bank security. 

Some well-established com- 
panies, like Malmros and 
Granges, were stripped bare of 
usable assets. For example, a 
spectacular quarrel with unions 
over manning costs, allegedly 
stinred up by the International 

Transport Workers’ Federation, 
led Brostrom to -abandon the 
cruise business' and sell two 
ships. 

The companies which escaped 
the crisis Intact started allow- 
ing officers to buy into their 


vessels. This created a wave of 
part-ownerships, which are now 
coming under tax scrutiny. 

Swedish shipowners also be- 
gan to operate, hut not own, 
tonnage as another solution to 
crippling costs. “ The ownccs 
operate as big a fleet as in tbe 
middle of the 1970s without 
owning as much of it,” the 
maritime expert said. 

The three main Swedish mari- 
time unions — representing jsome 
12,500 active seamen, and 3,000 
deck and 3.500 engine officers— 
have appeared at a loss as to 
how to react positively to the 
owners’ cost-reducing efforts. 
This has been put down to lack 
of strong union leadership. 

“The unions’ leaders really 
do not understand the issues. 
It is very sad they are so weak ” 
said an official of tbe Transport 
Ministry, which is responsible 
lor shipping. 

The unions have always 
argued that owner's cost-saving 
pleas amount to nothing more 
than an excuse for .allowing 
owners to ' flag-out ’ or run down 
the. country’s merchant marine 
fleet. 

“Something must be done to 
stop flagging-out and instead to 


mainrain . our ‘ fleet,” said Mfc 
Ove BjSrk, chairman of the 
Swedish Seamen's Union, who 
wants ja. separate shipping 
ministry to be established. 

Government and shipping 
representatives have been 
quick to agree there is no law 
preventing a Swedish owner 
from selling vessels abroad,, 
then operating them with 
another management under 
foreign flags. ■ 

In spite of, the antagonism 
between owners and the work- 
force, most companies say the 
advantages in keeping Swedish 
shipping going still outweigh 
the headaches . of trying to 
make the unions, understand 
tyhat must be done, and why. 

At the same', time, the 
companies and the Government 
—the latter traditionally weak 
on shipping matters — have 
dismissed the preoccupation 
with flagging-out as , irrelevant 

To tty to .reverse the. in- 
dustry’s- • steady decline, Mr 
Claes Elmstedt, the Transport 
Minister, called on Die ship- 
owners and unions last August 
to start a three-way dialogue. 

The groups have mei several 
times with little success. 


SHIPPING REPORT 


Major orders boost depressed industry 


BY ANDREW FISHER, SHIPPING CORRESPONDENT 

SHIPBUILDING is hardly one The announcement that the 
of the world's current growth $200m (fJDSm) order for three 
industries, with 1982 expected container ships by the Barber 

lo be a lough year os the ship- Norwegian and Swedish mem- 
ping markets stay depressed, ^ers, would so to South Korea 
But last week saw news of was further evidence of how the 
significant orders with others Japanese are being undercut by 
in the pipeline. their Asian neighbour. 


Mitsubishi Heavy Industries, 
for one, had hoped to take part 
in the order, which involves 
options for further ships, but 
Korean prices are al least 15 
per cent lower than Japan's and 
companies like Hyundai are also 
prepared to quote in dollars. 


Also on the way is a £150m 
replacement order for five ships 
by Atlantic Container line 
(ACL), including Cunard of the 
UK and other European lines. 
Tenders have been received 
from a number of yards and 
ACL is likely to take a decision 
soon. 


"although an* Independent Con- 
sultant to the Transport 
Ministry' has submitted a report . 
on Swedish' shipping including 
how to create tax incentives to 
generate greater operating cost 
efficiency. 

• According to the report, 
which is being examined by 
owners and the: unions, people 
employed at sea; for between 
nine and 10 months should have 
a 75 per cent tax- 'reduction, . 
falling to -50 per - cent --for : 
between eight and -nine months 
at sea, and 25 per -cent for 
between six and eight .months. 
The seamen's tax situation, 
would then be eqpal to .that of 
any Swedish worker employed 
by a Swedish multinational 
based abroad.. 

The Treasury’s estimated. loss 
in revenue from the measures . 
would be roughly Skr 250m 
(£23m), which the report' said 
would be more tharn co topen - 
sated for in a- few year’ s ^tlm e 1 
by increased shipping - acfljfity 
and thousands of new -jobs. - 

If there are no -reforms, there • 
is a risk that Sweden will lose 
tonnage, and investment in new ; 
ships will slump, the owners 
say. 


British carrier sale 

BRITISH Shipbuilders has 
confirmed tbe placing of a 
£25m Scandinavian order for 
a general purpose cargo con- 
tainer carrier to he built at 
the Swan Hunter yard on the 
Tyne, our Shipping Corres- 
pondent writes: 

Tbe 4X000 deadweight 
tonne vessel will actually he 
built for Lombard Maritime 
London. On completion it 
will be chartered to Leif 
Hoegh (UK), part of the 
major Norwegian shipping 
group. 







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ard A 




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ilia: 

rest 











Financial Times' Monday February 15 3.982 


UK NEWS 


Labour plans economic 
development ag encies 


Vf CARETH GRIFHTHS 

A FUTURE Labour Govern- 
ment would introduce regional 
economic development agencies 
in England,- and aboHsh enter- 
prise zones, Mr Stan Orzne, the 


up by several authorities in- sion fund investment in local 
eluding the Greater London authority projects. One of the 
Council and the West Midlands main aims of the local enter- 
County Council, would have to prise boards is to attract insti- 
be tailored into the scheme. tutional investment using the 
The local enterprise boards local authority employee’s pen- 
partys industry spokesman, said are funded p rimar ily under sion funds as a springboard, 
at the weekend. ' section 137 of the 1974 Local Legal opinion appears divided 

Mr Orme told the Labour Government Act, which allows on this issue. 

Party’s local government con- councils to use the product of * An attack on the way the 
ference, -in Sheffield, that the * 2p rate t0 fund- industry. Mr GLC Labour group is run was 
new 1 bodies would be set up Tom King, the local government 
along the lines, of the Scottish nmuster, last week announced 
and Welsh development which would Umit 

such aid to the product of ip 
Mr Orme said this con- 


agencies. 

These would be centrally 
funded and would probably 
match areas already used for 
economic planning . The UK is 
divided into 16 economic 
regions, and Mr Orme said the 
agencies would be appointed 
with strong local authority 
representation. 

Local enterprise boards, set 


rate. 

dition, if implemented, would 
kill the enterprise boards. 

Mr Geoff Edge, the chairman 
of the West Midlands County 
Council economic committee, 
said there was a need for autho- 
rities to be able to levy all the 
2p rate. Also, there was an 
urgent need for legislation to 
sort out undear areas of pen- 


made at the conference by Mr 
Andrew McIntosh, the former 
leader of the group. He said 
so much business was now 
referred to the Labour group 
instead of being handled by 
committees, that leadership 
decided the group’s agenda. Mr 
McIntosh said that individual 
councillors now found it very 
difficult to propose new ideas. 
This meant there was an effec- 
tive autocracy in the council, 
similar to the days of old-style 
political bosses. 


Heseltine defends role of public sector 


BY PETBI RIDDELL, POLITICAL EDITOR 


A STRONG DEFENCE of the 
-role of the public sector woiV- 
ing in partnership with private 
enterprise was made yesterday 
by Mr Michael Heseltine, 
Environment Secretary, in a 
speech clearly intended to mark 
out his own distinctive brand 
of Conservatism. 

Mr Heseltine told Young 
Conservatives in Harrogate that 
it was wrong “to confuse the 
Tory approach with that of 
laissez-faire liberals. The Tory 
knows full well that for society 
to derive the greatest advantage 


from private enterprise it is their needs, expectation and 
necessary for it to operate security.'* 
within a regulated climate.” He also emphasised the 

He stressed the need for dangers of high unemployment 
clarifying the Tory attitude to among the black community in 


the public sector. “We must 
not be thought to indulge in a 
general attack on the whole 
when all we seek Is a specific 
attack on a part. In any fore- 
seeable society millions of our 
citizens will work for and 
depend upon the public sector 


Britain and appealed to City 
financial 1 organisations to recog- 
nise the social problems of 
inner cities. 

"Perhaps the very survival 
of our institutions in this 
country for so long without 
revolution owes much to the 


and they will simply not under- sense of responsibility of those 
stand mindless criticism that who enjoyed the power of 
appears irrelevant or hostile to capital,” said Mr Heseltine. 


Lead-free petrol option Overlooked’ 


FINANCIAL TIMES REPORTER 

A .REPORT commissioned by 


the recently-formed Campaign 
for Lead Free Air (Clear) yes- 
terday questioned the Govern- 
ment’s decision not to move 
towards banning lead from 
petrol- 


limit - for -existing ones, had 
been “totally overlooked" by 
the Government working party. 

Controversy over the lead 
content of petrol has been 
revived by the disclosure last 
week of a letter by Sir Henry 


potential harmful effects are so 
insidious and widespread that it 
would be criminal, whilst 
serious suspicion remains, not 
to take all reasonable preven- 
tive measures.” 

Mr Des Wilson, chairman of 


The. report by Coopers and the Campaign far Lead Free Air, 


ly brand, says it was difficult to 
understand last year’s Govern- 
ment decision merely to reduce 
lead content from 0.4 grammes 
a litre to 0.15 grammes by 1985. 

An alternative option of stipu- 
lating lead-free petrol for new 
vehicles, with the 0.15 grammes 


and Social Security, saying said; “In my view the case for 
there was a strong likelihood the Government to answer— 
that lead in petrol was perman- that it made a fundamental 
entiy reducing the IQ of many blunder last year— is now 
children. becoming so substantial that 7 

The Coopers and- Lybrand -only obstinacy by Whitehall and 
report says: “Even if the case the greed of the oil companies 
were not fuHy proven, the can stand In its way.” 


Disciplinary 
procedure 
at Lloyd’s 
attacked 


By John Moore 


A LLOYD’S underwriter who 
faces expulsion from the insur- 
ance market has complained to 
a member of the House of Lords 
about &e behaviour o£ the 
Lloyd’s authorities. 

Ait the request of Lord Orr- 
Ewing, Mr Reid Wilson, the 
underwriter, has detailed his 
objections to Lloyd's behaviour 
over his disciplinary hearings. 
Lord OiT-Ewing will be helping 
steer the Lloyd's Bill, for 
improving the market’s self 
regulation, through its later 
stages in Parliament 

Mr Wilson faces expulsion 
from the Lloyd's market 
following an internal inquiry 
and arbitration proceed! ngs 
which studied the trading 
relationship of an underwriting 
syndicate which he headed, 
syndicate 566, with the Lloyd’s 
insurance broking company of 
the Christopher Moran Group. 

After the arbitration Lloyd's 
decided to call a meeting of 
its 20,000 members for the pur- 
pose of excluding Mr Wilson 
as a member after finding him 
guilty of “acts and defaults 
discreditable to him as an 
underwriter.” 

But Lloyd’s deferred the 
meeting until the conclusion of 
outstanding arbitration under 
section 20 of the Lloyd’s Act 
of 1871 against Mr Christopher 
Moran. But this is not likely to 
be before the end of October. 
Meanwhile Mr Wilson is pre- 
cluded from employment in 
Lloyd's until his fate is deter- 
mined. 

He has requisitioned a meet- 
ing to determine his fate in 
accordance with the Lloyd's Act. 
But Lloyd's is reluctant to pro- 
ceed and is seeking - advice 
from s High Court judge about 
the position. 

Mr Wilson has warned that 
the moves Lloyd’s is taking 
could hare wide implications if 
it gains a legal immunity, pro- 
tecting a new Lloyd’s council 
from suits for damages 

“If the committee currently 
is prepared to challenge their 
own rule book in court, and 
indeed could be sued for 
damages by me or any others, 
what potential problems could 
arise if they are given full 
immunity? 

“ In a case like, this, whatever 
the rights or wrongs, they can 
bulldoze an individual such as 
myself into 'vast court actions 
and fees," Mr Wilson has told 
Lord OnvEwing. 


SDP Constitutional Convention 



Delegates approve 
of their party but insert 



BY ELINOR GOODMAN, POLITICAL CORRESPONDENT 


THE 300 
gathered 
weekend 
structure 



tion put forward by the leader the party watered down itscom- meat to mate cro^tpehy^- 
iron put iorwaia ny we itme ^ t v t0 consultative demo- partres mandatory^and /Wept- .-Desfete the^^ngam^ the 

SXiiJJ* , jAftftntralietftafln n >ruMwmcdm nn’A wir Kaftfo* IWMinin sll llCulTfi '- 0 L Tfl 0 

But they knocked two holes ^ and decentatostwn. 
in the plan and made clear This was most obvious in the 
throughout a day-and-a-balfs debate on the method of elect- 
earnest debating, and at times ing the leader, when th ey v oted 


confusing voting, that they 
would react badly to attempts 
to impose views on them from 
above. 

Yesterday the leaders hip 
suffered what could be a fairly 
serious setback when repre- 
sentatives ignored a strong 
appeal from the steering com- 
mittee and carried a motion 
which will give area parties the 
right to withhold at least 20 
per cent of subscription revenue 
from head office. . . . _ . 

If the resolution were imple- 
mented this year the SDP might 
lose about £150,000 of its fore- 
cast income and have to make 
staff redundant. 

But Mr William Rodgere, 
member of the. party leadership 
responsible for organisation, 
said yesterday, that the resolu- 
tion did not apply to -this year 
on the grounds that the national 
committee, which the confer- 
ence decided should be the body 
to issue the appropriate instruc- 
tions to local parties, bad not 
yet been set up. 

At present the full subscrip- 
tion of £11 is returned to head 
office and local parties- raise 
their own funds separately. 

It has been clear for some 
time that' this bas created 
resentment in area parties. 

In the debate members 
argued strongly for some local 
control over money, to help 
finance local elections and pro- 
vide an incentive to recruit 
locally. 

They repeatedly, criticised 
“ unnecessary bureaucracy,” and 
it was clear throughout that 
members were hostile toward 
anything smacking of centra- 
lisation. 

The message of nearly all the 


instead for a permissive ohe'Sbr basiC' pyramid struct ure o f the 
area parties of “one or more- proposed cocstitunoH remaned 
partiameritaiy consfl^ intact at tire end. . : - " 

to seven. 7 !. . . 

The amendment means tindr-r 


overwhelmingly against restrict- 
ing the electoral franchise to 
MFs. But it was also a factor 

Democracy, as under ftto original - wk&h MPs and a small- group of 
constitution which represents - -mcmKons' «ft sir 

lives insisted on making. 


the steering committee must -. Area '/parties ; will . "ere ct 
rethink the iuiies for tja dtetion * members 'to the 400*trang 
to the Council for Social - 'Coracn b£lS>cial I)eTnocracy,.Qn 


On Saturday in the first 
debate of the conference, they 
rejected the leadership’s pro- 
posal that the basic unit of 
organisation be based cm groups 
of constituencies .rather than 
individual ones, and insisted on 
a degree of local autonomy. 

They went on to shrug off 
the steering, committee’s advice 
again, and cany an amendment 
giving area parties the right 
to delegate responsibility to 
local parties for that most 


draft each would be entitled to coopted members wiH Sit as 
elect two members, which with nbn^oting .-"Vinembeis. . The 
numerous constituency-based ^council;- led by - the-' president 
parties would make the council will elect, i2- members to the 40- 
urnnana geably large. 1 strong' naobiuil: committee,' to 

Alternatively, the- steering'; be responsib^for the party’s ; 
committee may try to use powers - affairs .-outside' 7 Weammster. : . 
it else where iri tbe constitu; ■ ' Most- other member s of . the 
tion to withhold permission -fur-, powerful ■■ national Ivoomttuttee v 
constituency-based parties except •? ;will be either &rectiy:iSectedby ) 
la a very few special cases. - p arty m tonBecg'' pr./como. from * 
The other- main area of- ct^^W/esjntiiftleR.'-vTT .. Vj.. .1 
cern among representatives.. : Thisr 1 committee will Sri turn 
about the proposed orgamsa- elect a' srabconn^ttee respon- 
tioual structure was lade <rf? . stole for, preparation of policy 

sta te ments for saomissidh to the 


toe Labour Party, the steering Ohce passea ny the Council 
thestatements ; will he 


candidates. 

Mr Rodgers argued pas- 
sionately against undermining 
the prin ciple of area parties, on 
the grounds that they were far 
better suited to the needs of 
the SDP than “ old-fashioned ” 
constituency parties. 

In this way. he said, stronger 
constituencies could help 
weaker ones in the same area, 
and the negotiations with the 
Liberals would be made much 
easier. 


Endanger 


At one point Mr Rodgers 
went so fax as saying that a 


committee has been very care-.; the statements ^wtil be con- 
ful not to give party members. . sadered.by. - the -^ad>-comimttee~ 
the right to make -decisions for inclusion in _ the^party mam- 
binding on MPs. "■ .. • '• • 

But it was dear from the : But to ayrad-fc^ljmdof argu-- 

debate on the powers of tb e - - meats - winch - drove the ■ -SDP 
various national bodies that ..-.founders, out /.ofvtbte Labour 
some members felt the SDP had— Party it isjspeft oui in the con- 
le$ them down by not r enabling stitution that MPs wiH . regulate 
them to formulate policy, as - 
thev hoped when they joined the 
party. > ... : 

Several . speakers complained 
bitterly that the SDP- -was be- 
traying the principles fpr. which 


iheirown 

. They wftl not be hound Thy 
policy statements passed by the 
Council, or mandated In any 
way. V ' 'S ... / 

‘Winding up Tthe debate on the 

-. 1 C. ' Ti- 


lt stood of " democnacy andCoca^ Mr Roy 

rip ff»Trfraii.Mtfnin ** One: vraxned Jenkins said '.the- aim of the 


switch to constituency parties that it was in danger, of becom- ; - Constitution; . was' to strike ' (he 


could endange r the parly’s whole 
election effort. 

His pleas did not seem to move 
those parties determined to 
organise themselves on a con- 
stituency basis. 

The debate showed a clear 
divide between rural and urban 
parties, with rural parties 
insisting that the .wide distances 


the 


ing tfoe “most disciplined and balance -between. the-, 
ideologically restrictive party in possible democracy and 
Britain.” rights 

The steering committee had - But it was clear from the 
been worried that conference 1 weekend debates that if lhe MPs 
mi ght carry an amendment tilt-, did not make use of ris- 
ing the balance away from the borate ; procedures .to o omsul i 
paxbameutary party. - • . views^ roeinberSf SOipe peopde- 

But they bought off .the who^ joined the.' SDP fat tire 
threatened rebellion - fairly; oppoctimaty to influence deci- . 


THE ADVERTISERS IN 
THIS WEEK’S RADIO TIMES 

MAY NOT BE 
HOME AND DRY. 


BUTATLEAST 
THEY’RE HOME. 


debates was that members were from one side of a party area lightly by accepting the spirit siqm& - would he . very; :dis- 
attracted to the SDP in the first to another meant that only the of an amendment giving the- appodctect- - 

Majority fayours ‘ one mei 
one rote ’ to choose leader 






BY SJNOR GOODMAN 


THE SDP Conference yesterday, party member a vote. Yesterday, 
rejected the leadership's recoin-, he infuriated some of his ctd- 


Home, if you come to think about it, is 
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-KSomeeri „ 

jSovn&ABCJuiy&xertte^ 


Ftirftfftherinformation contact Head of Advertisement 
Department, BBC Publications, 35 Marylebone Higft street, 
London W3M4AAL Telephone: 01-580 5577. 


mendation on the method of 
electing a future leader, and 
voted heavily in favour of giv- 
ing every party member a vote 
in the leadership .election. 

In a highly comphoated bal- 
lot, which was preceeded by 
numerous points of order, mem- 
bers were asked to choose 
between three sets of proposals. 
The result announced to roars 
of approval, was 166 votes for 
the principle of “one member 
one vote," compared to 73 votes 
for the idea of some interim 
arrangement under which party 
members would elect the leader 
until the Parliamentary party 
grew larger. The leadership's 
preferred solution of an election 
by MPs alone got 63 votes, and 
now looks dead. 

All three proposals will now 
go to a ballot of the entire 
membership nert; month. "But 
the size of the vote in favour 
of one member one vote means 
that, in some form, it must now 
be the strong favourite to win. 

The existing four SDP leaders 
are split over the method of 
electing the future leader. 
Yesterday’s vote was a blow 
to Mr William Rodgers and Mr 
Roy Jenkins who, with the 
majority of the steering com- 
mittee, want MPs to have the 
right to elect their leader. 

The vote was a triumph for 
Mr Michael Thomas who has 
J.ed the campaign to give every 


leagues by getting round the 
steering committee’s self-deny- 
ing ordinance on expressing a 
preference during the debate, 
and attacked the steering com- 
mittee from the rostrum in his 
capacity as the representative - 
of his local party in Newcastle 
upon Tyne. 

If he was not a member of 
the steering committee himself, 
he said, he would “sue it for 
a breach of the Trades Descrip- 
tions Act." Many of the 78,000 
people wbo had joined the 
party, he claimed, had done so 
because they believed in the 
principle of one man one vote. 
To depart from this idea now 
would be to betray the princi- 
ples on which the party was 
founded. 

If MPs were given the exclu- 
sive right to elect the leader, 
he argued, a candidate would 
require only 15 votes in addi- 
tion to his own. “ Fifteen votes 
even of archangels are not 
democratic,” he said. 

His speech annoyed some 
members of the 1 steering com- 
mittee, but it clearly reflected 
the views of many representa- 
tives. 

During the debate, members 
repeatedly argued that they had 
not joined the party only to 
give MPs the exclusive right to 
elect the leader. 

A number argued for tire com- 
promise proposal of soma 


FurSiesiii 
strolldown 

S meiridiy lane 


interim arrangement - ttnta Srer. , 

Parliamentary Party, 
larger. The ParHamentary Party : 

at the moment, they, said, iAVlD OWEN - who takes 

too small to. be a satisfactory ' vwpjx. wrn taKes 


electoral - college.. : Moreover, 
only one Of the members had 
been elected as ,a; Eooal 
Democrat. 


Those in favour of the leader- 
ship's recommendation' argued 
that members should, trust -MPs; 
to .make tire right judgment 
“ If we believe '.MPs are' 
equipped to form, a Govern- 
ment, surely we believe they 
have tire judgment to elect a 
leader," said one. MPs, they 
safd, were the best; people to 
judge who should lead them in 
Parliament. 


Others pointed, out that the 
party founders had left the 
Labour Party because they 
obejeted to the 1 erosion of MPs’ 
rights. . ' . 

At *e of a* *-*,*. 
representatives were asked to 


himself apdTiis ^ politacs very 
: seriously— had no . doubt at 
:al| that momteitous' . and 
\ historic. events were afoot at 
. the Social Democrats’ week- ' 
; . end ronferenoe; - _ -, 

Tie 7 solemnly, assured thWhep- 
resen tatives. at’ Kensington 
•‘Town Hail that they, were 
drawing - up a constitution. 

- that- would last for the next 
“century.. .' , ".'I:-':'' 

A- more' irreverent view 'was 
taken by Mr Frank Doibaon, 

. the ~ Labour _B£P, for Hoiborn 
t . and; St Pancras South, who 
was lurfcmg in the shadows , 
as. a sort of devil's advocate.. 


fill in - a complicated ballot 
paper, embodying the concept of 
a double transferable vote. 

First .they had to choose 
between the three basic prin- 
ciples. . Then they had to say 
whtoh of three variations of 
Shear preferred solutions they 
liked' best. 

The results showed . a dear 


affair had more in common . 
With the;, yapping and giwl- 
mg-goingOT a/mile down tire 
road .= at Crafts '• Dog Show. 
Saturday’s ^opening, .sessions 
certaiidy /setenod to confirm 
• the Dobson versdcpL ' - 
Representatives beginning the 
two-day - trek' through the 
30,000-word oonstoitkm kept 
returning to -one .-acrimonious 
questibb-^bmeafe rights, or. 


BY ELINOR GOODMAN 


THE SDP leadership Is to bal- 
lot its 78,000 members on 
its proposal to guarantee equal 
representation for women on the 
Council for Social Democracy in 
a n att empt to resolve foe most 
controversial issue of the con- 
ference. 


preference for one member one 

vote, but a cloudier, picture of " to use tbe .current buzzword, 
which 1 particular . method was M poritiye discrimination " in 
be ® t ' fevour nf oa the SDP 

-Gouncil andL the - short list of 
'.pariMineiitiaSP^ahdidates. . 
This partfcolag; 'debate ended 
. ...with scenes Of exquisite irony 
•’ ' over' : the- isshe 1 of whether 

women;,.- '^.^' ; :/ ; heve -...'.a 

whole question of priritive tion were women -who had, they" 00 '^ e 

discrimination,. . only - the sadd, got where they were purelv . party sCoteiCH. Initially this 
proposal on the membership of on ability. “ ' . proposition . was rejected . by 

the Council is to go to 'a secret' In arguing against the prtK '^ >ne '* Inetant 


Ballot planned on equality 


ballot of party memfcas. - poeals.-' some speakers invoked 1 n Dpn ^ r * 
The pi^Kxpai of positive ,'dis- . ; Shirley Wxllianis as an 


Shirley __ 

crimination has, therefore, been . example of the success which 
enshrined in the constHtutkw as women- , can -.achieve ' through 

The decision follows more a result of . the votes ini favour JheJr. own , efforts. Mrs 

than three hours of anguished of special treatment for -Women Wipunsr insisted that in Brit 

aebates on Saturday in which in both the selection of candi- .« required far -more effort for 

representatives showed them- dates and the composition of the a Woman to succeed tban a man 

selves to be united in wanting national coanonttee. women, she pointed put- were 

to improve the representation of Feelings ran higher in the grossly underrepresented at - ■«,«■»- ■;._»-%> ^rxvu- — 

women in politics, but split down debate on women than , at . any Westminster,' with only 20 out of ' - got 

the middle on how to achieve other txunt during the confer* 635 seats in the Comhvma -the .h6ok';With ah 


fact, just iike bld 
times at ! the Party 

Conference.. . All 1 , .we" needed . 
was a pbneh-up >irt the corner 
between umpB : delegates to 
make Che puiure complete. 


vote tffl50-I5Q— matiC'trtatters 
worsel /Mopjang- . ; brow 


VL 


ence. it was dear that- many = The only way to-' change.' the 
Amid scenes of total con- local parties had anguished for situatimi was for .a prtitical ‘ 
fusion, the conference voted hours on how best toensure that Pirty to make positive, discri- 
narrowly in ” J *“ " r "" 

a minimum 
the shortlist 

parliamentary seats; and in xnongB.. w vuc « me best 'tests' 


propo^tiOB-'that the 
mattev sfaddM.fie^ut-to a vote 
of, the eatire-idlwS^slilp in 

.the OOUzriry..^^.-' ;; r ; 

more 
rtnaih 

the" methddl^^Sectmg'^^ 


favour of the sfeertAg commit- P 055 ^ intended-- 

oposaU for guaranteeing argmtKnfe^ advanced i»ere bang a t rtny democratic and ., 


tee’s proposals for guaranteeing arguments advanced were oemg a truly democratic and 
women four places on the 40 basically tire sa m e. Opponents representative party; " .* at Wt 

strong national committee, of the idea -of giving women On Sunday, representatives of- the i 
They split 150/150 on the treatment argued that also we nt through contaderaWo ■ 4 v 

most important question of ^ to If^.^ 

insulting to women. out specifically In favour of Kr Ji 

Such provisions vrauld, they equal rights for - bomosSua¥-> 
claimed,' put^ substandard EventeaBy, they votedbH^T' -'ad- 
women in positions of power. 160 to delete -the reference in 
Why they demanded, stop thenarty's statement of nrini 
at women? Why not positive ciples to “sexual orien+at^T”''- 
discrimtoatitm for- blacks, and' and to .go instead tor ; 

other minoriO; groups? As in statement about the n«d?S 

arrive even at this inconclusive the local patties, some of the create an .open society whieb . V todlffe 

result Despite the con- speakers njost passionately jected prejudices 
fusion that surrounded the opposed to positive discrimina- “ sex, race or region.” 


whether area parties should be 
obliged to elect an equal 
numbe r of men and women to 
the party's supreme derision 
making body, the Council for 
Social Democracy. 

Two recounts and numerous 
points of order were required to 


.pasty's MPs 
by .a -vote 
7 &0OQ Tneanfoer- 

^t.tothe MPs. 
■tawicte ra better 
. leader, 
.'however, 
'wour Dr 
h’OOntenders sat 
b^'fteriag- iato 
‘ the. 


on 


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Financial : Times Monday February' 15 19S2 


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UK NEWS 



Jenkin to 
meet 

•Nissan - . ■ 
executives 

. fi]F Kmn«th ^poAig,' 

- Motor industry Cpfwwpowtent 

MR PATRICK JENKIN. ' In- 
dustry Secretary, -will ibis week 
meet for toe first time top 
executives from the Nissan car 
.'.group, which is considering 

- setting up. a plmin . Britain. 

Be wifl meet Mr Masatak 
>. Okuxna, the vke^presideQt spear* 
; beading the Japanese company's 
-•inwstigafiML . 

Although Nissan is expected 
to make a. decision about the 
. ; 200,000-cars-a-year plant by the 
. end of this month for an 
announcement in March, many 
observers, in . the UK motor. 
; industry ' believe the ' odds in 
' favour of: the plant- being set 
' up are stifl. only 50-50. 

V Nissan still has to agree with 
. Industry Department officials on 
; ’.the' way . it will measure the 
local- content of the cars it 
. . might produce in Britain. It has 
. .promised to. start with a 50 per 
cent local (meaning European) 
content, bid Wing to 80 per cent 
as quickly as possible but has 
. . never stated how the percentage 
would be measured.' 

Talks with British / unions 
about having one bargaining 
■'point -Tor -the plant wili also 
. take place shortly. 

/.Wales factory plan 

- THE WELSH Development 
Agency has announced a con- 

.'. structi on programme to provide 
.' 360,000 square feet of industrial 
space in parts of Wales not in- 
cluded in special schemes 
. undertaken after the steel 
closures. The factories should 
provide up to 1,000 new jobs. 

Industry boost urged 

. A DELEGATION from the 
Engineering Employer’s Federa- 
tion will today ask Mr Leon 
Brlttan, Chief Secretary to the 
'Treasury, for budget measures 
to boos t ind ustiy. 

The EEF team, led by Mr 
. Astley Whittall, chmrman of its 
com mer rial and economic com- 
mittee, will call for an imme- 
diate cut in the rational insur- 
ance surcharge arid more 
investment by the public sec- 
tor. 

FuD mortgage offer . 

THE Bristol and West Building 
Society is to give 100 per cent 
mortgages to first-time buyers 
seeking loans of up to £25,000. 

Borrowers win be expected to 
establish their .“financial cre- 
dg*ayy » bytavtag saved op' to 
5-10 per cent of the purchase 
price,, but they - would: be 
allowed to use these funds in 
defraying costs associated with 
the new home and would be 
given e mortgage to cpver hill 
purchase price. . . 

The society will also grant 95 
per cent loans on properties 
valued up. to £40,000. 

Rates curb call 

LOCAL COUNCILS are urged 
. to do much more to aid Industry 
in a document published today 
by the Confederation of British 
Industry’s . 'West Midlands 
region. 

The paper says limiting rate 
rises is the best way to aid in- 
dustry, and calls for curbs on 
council’s powers to hand out 
c ash incentives to firms, as these 
' add to the rates bill and distort 
the local economy.' .... 


Threats fly in dispute 
over tabs on jeans 


BT ANTHONY MO RETON, TEXTILE CORRESPONDENT 


THE -TAB sewn into the seam 
of. the hack pocket on a pair of 
jeans has suddenly caused- an 
enormous upset in the clothing 
world. . ' 

; Writs, and threats of writs 
are dying around and a meeting 
of IS clothes manufacturers is 
being held In London next 
Friday to discuss the whole 
matter of labels. 

What the industry fears is 
that- a move quietly taken back 
in 1972 by Levi Strauss, the 
American jeans manufacturer 
which claims to be the world’s 
largest clothing producer, 
could lead to manufacturers no 
longer being able to. put their 
own labels in their products. 

The British industiy is 
annoyed because it failed to 
appreciate the cons.oquences of 
Levi Strauss's original move. . 

The story began when the 
San Francisco-based, company 
made, application No. 200394 to 


the Registrar of Trade Marks 
to register a label in red, 
orange, white, black or blue, 
sewn into the left-hand seam of 
the rear pocket of a pair of 
jeans. Kris was granted, with 
effect from 1972. 

Five years later the company, 
which has several production 
units in Scotland, filed an 
application to register as a 
trade mark tabs sewn into the 
seam or flap of a pocket. This 
application, was considered a 
valid step by the Registrar, who 
announced it in November 1981 
and caHed for comments from 
the industry, 

- This time, the rest of the 
industry was aware of what was 
happening and was dismayed 
to discover that Levi Strauss 
was considering a third applica- 
tion for the right to use a tab 
on all clothing and footwear 
with no limitation on colour. 

The clothing industry was 
already seriously concerned that 


the second application could 
affect shirt-makers and those 
who produced skirts and 
blouses. It now considers that 
if Levi Strauss gets its way on 
the third application, virtually 
all labels in clothes, other than 
those in the American com- 
pany’s own products, will 
diasappear. 

Mr Gerald French, director 
of the British Clothing Industry 
Association, which is holding 
this week's meeting, said it -was 
taking advice from its chartered 
patent agent on all the applica- 
tions made by Levi Strauss, 
which is not a member of the 
association. 

He said: “We must ensure 
that the applications are fully 
investigated and rigorously 
opposed. It now appears to us 
that the applications could cut 
across the existing practices of 
many of our member-com- 
panies.” 


Energy demand ‘will rise slowly’ 


'. FINANCIAL TIMES REPORTER 

ENERGY demand in the UK 
will grow less than half as fast 
as the economy in the 1980s, 
reflecting likely structural 
changes in the economy rather 
than conservation moves. 

. Cambridge Econometrics, a 
commercial arm of the Depart- 
ment of Applied Economics at 
Cambridge University, has fore- 
cast that the amount of pri- 
mary energy required by the 
economy will grow by 0.6 per 
cent a year from 355m tonnes 
coal equivalent (mtee) in 1980 
to 378 mice in 1990. The fore- 
cast, issued today, assumes a 
lit per cent annual growth in 
the UK economy. 

Industrial and commercial 
energy demand is predicted to 


rise from 26.6bn therms In 1980 
to 28.6bn therms in 1990. 

Demand for solid fliel and oil 
will decline by about 7 per 
cent over the decade while gas 
demand will rise by 20 per cent 
and will overtake oil as the UK's 
most important energy source. 

Gas will provide mor than a 
third of total energy needs. 
Electricity demand will grow by 
28 per cent over the period. 

The relative sluggishness in 
industrial energy demand re- 
flects the poor outlook for 
energy-intensive industries such 
as iron and steel and ship- 
building. 

The chemical industiy is the 
only energy-intensive industry 
likely to experience above- 
average growth. 


Bank lending growing ‘by 
about £20bn a year’ 


BY WILLIAM HALL 

BANK LENDING is believed to 
be growing' by about £20bu a 
year, equivalent to an annual 
increase of more than 30 per 
cent 

L. Masse! and Co., the London.- 
stockbrokers, says in its weekly 
economic monitor -that -under- 
lying loan demand, even after 
adjusting for special factors 
such as companies borrowing 
temporarily to meet large tax 
payments after the dvU ser- 
vants’ strike, is " extraordinarily 
high.” 

The firm says that the 
buoyancy of bank lending has 
“ wrecked and will continue to 
aweek ” the Government’s 
money-supply targets. 

There is little prospect of 
sterling M3 growth being con- 
tained within the 5 to 9 ner 
cent band envisaged for 19^2-83 
in Government medium-term 
financial strategy. 

The January money-supply 
figures oil Thursday are 
expected to show a growth of 
£1.75bn in sterling bank lend- 
ing to the private sector, 
re-emphasising the present 
acceleration in bank. lending. 


Messel says that one or two 
special factors ma ybave been at 
work in January, such as round- 
tripping on commercial bills and 
borrowing to pay tax bills. 
Nevertheless, it believes that 
underlying bank lending to the 
private sector is growing at 
about £1.5bn a month. 

.Combination of “ explosive 
credit growth and a very 
depressed real economy ” is the 
“most baffling feature of the 
British economy at present” 
Wtale the real economy remains 
so depressed, Messel says that 
strong action to rein back credit 
growth is “ improbable." 

• Unemployment is expected 
to reach a peak of about 3.5m 
in the first quarter of 1983 with 
little likelihood of a decline 
from that level says the latest 
quarterly economic forecast 
from the Charterhouse Group. 
- Rate of price inflation will 
slow to an average 10 per cent 
this year and reach single 
figures in early 1983. Output 
it expected to grow by less than 
1 per cent this year and 2J per 
cent in 1983. 




enjoy being crushed. Or derided ftwas 
the end of 

TEfr- n -.. L 

acceleration of (HU) in just 7-1 seconds 

tinplytoonuKhttoosootLAndk^otey 

DoriEiun 
spo&the lotus 



AH fo r a ro u nd A15.00K* 

Of ooutse.fa heUght of somnch 

excellence, you may regard this 

breakthrough as tamer unimportant 
Gooskietfor example.tbefitttiHS 
every single lotus orbas b om bu lk 
by our own lair bands. That every 


■yTha, you could reason, could 
CTCTS lw tfW|irn fl dite aaiushrkft 

headPlcmre the dear 

of ridiflaradog luxury 



■®Loim 

ExdusSvhy comes as 
standard. 




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■■HSSsS 



The service sectors, which 
will experience a fairly rapid 
growth, are much less energy 
intensive. 

Domestic energy demand will 
increase by only 5 per cent 
over the period, from 15.8bn 
therms to 16.6bn therms. The 
major growth area will be in 
central heating. This will bene- 
fit the gas industry largely, 
which should see its domestic 
market share rise from 53 per 
cent to 60 per cent by 1990. 

Cambridge Econometrics fore- 
casts that real oil prices will 
fall in 1982 and 1983 but over 
the longer term prices will rise 
by 3 per cent a year in real 
terms. 


Hotel guide 
fears more 
closures 
this year 

By Arthur Sandies 

IT IS a sign of the troubled 
times that the latest issue of 
the Good Hotel Guide 
suggests that potential 
customers check before 
arriving that the property of 
their choice la still in 
business. „ 

“We fear there wfll pe 
more closures again this 
year,” says the Guide. ** Infla- 
tion and recession have 
regrettably shown no signs of 
abating, and hotels almost 
everywhere In Europe, after 
many years of prosperity, 
have continued to face a 
decline in trade.” 

The guide, published 
today, returns to the attack 
on British prices. 

Competition has changed 
the scene somewhat. It says, 
but: “While applauding these 
efforts, we are bound to note 
that, simply based on the 
hotels in this guide— 
admittedly by no means a 
cross-section of the hotel 
trade — prices of cKy hotels 
in Britain are still higher 
than those of comparable 
hotels In the guide In Con- 
tinental cities." 

“This Is true of compar- 
able country hotels.” 

It blames inflation, recent 
strong value of sterling, high 
land prices and soaring 
rates. 

“But one major reason why 
British hotel prices compare 
so unfavourably with French 
ones must in part be the 
tradition in France of 
family-run establishments, 
with all the economies that 
can be achieved when a 
whole family is involved.” 

The Good Hotel Guide, 
1982, ed. Hilary Rubinstein. 
The Consumers’ Association 
and Hodder and Stoughton, 
£7.50. 


Coaches and strip clubs 
cash in on rail strikes 


BY LYNTON McLAIN AND MARK WEBSTER 


JANUARY was a good month' 
for hotels, road haulage con- 
tractors, coach and car rental 
companies and strip dubs. All 
have benefited from, the past 
month's rail strikes as com- 
muters have been forced to- find 
alternative transport or spend- 
their nights in town. 

It has been a bad time how-' 
ever for the National Coal 
Board, railway buffets and taxi 
drivers. 

Grand . Metropolitan, which 
has 15 hotels in London, said 
commuters had increasingly 
learned to cope with the strike. 
Although business remained 
good, there bad been a “gentle 
falling off" from the peak, of 98 
per cent' occupancy at the start 
of the strike. 

Hilton said occupancy rates 
were up 20 per cent for 
January by comparison with the 
previous year, much of which 
was attributed to the rail 
strikes. 

Hertz, the car rental company, 
said revenue was up 30 per cent 
in January compared with the 
same period last year, about half 
of which .was thinks to the rail 
strike. 

“ It's been absolutely wonder- 
ful.” said Hertz, which reported 
that the length of hiring had 
gone up from an average of 
under three days to nearer five. 

Avis Rent-a-Car said ' the 
average mileage on car rental 
had gone up but said that even 
before the strikes it was already 
benefiting from the bad weather 
as crash victims were obliged to 
rent cars while their own were 
being repaired. 

Taxi drivers have been less 
happy. The Licensed Taxi 
Drivers' Association said busi- 
ness had been.badly affected by 
the lack of railway station 
trade, the fall in the number of 
shoppers and the increase in 
road traffic.- ■ 

“People think we have been 
making money, from the rail 
strike. It’s been the opposite," 


said the association. “February 
is normally a quiet month, but 
it depends on the weather. 
We’re hoping for a bit of rain.” 

However,, the strike has 
brought a smile 'to the Zips of 
club owners 'who hate found a 
captive audience among the 
business people trapped in town 
by the strike. 

The takings at Paul Ray- 
mond's Revue Bar for January 
-were 14 per cent higher than 
in January last year. “A fair 
amount of that most be from 
the rail strike, what with the 
hotels being full,” said Mr 
Raymond. 

On the roads the express 
motorway coaches and the 
rising number of commuter 
coaches have stepped in with 
vigour to fill the transport gap 
caused by the rail strike. 

National Express,' the motor- 
way coach offshoot of the state- 
owned National Bus Company 
wbicb the Government plans 
partially to denationalise, 
reported at the weekend a 10 
per cent increase in total pas- 
senger traffic since the rail 
strikes started an January 13. 

“Sundays are our busiest 
days, and although we are 
using up the ^seasonal spare 
capacity of the - winter . people 
-will not be left standing for 
lack of transport” the company 
said. The company is used to 
putting on extra relief coaches 
and is adapting well to the 
extra demand. 

King of the Road Coaches of 
Worthing. Sussex, is lapping up 
the extra commuter traffic 
which would otherwise have 
been stranded by the rail 
strike. For £2 return coach com. 
muters can travel the 120-miles 
round trip from Shoreham, 
Sussex, to Morden, a south 
London suburb, for a connec- 
tion with the London Under- 
ground. 

The fare for a day return on 
British Rail is £6.50 for the 
journey to London. The coach 


leaves at 6.30 am and gets to 
London at 8.00 am. 

“It has been like a party 
on the coaches,” Mr Mike 
Ta vender, a director of King 
of the Road Coaches said. “Pas- 
sengers have been coming to ns 
in trainloads, and all by word 
of month, because with our 
tight operating margins, we can- 
not afford to advertise. 

“ Say Bucktou has been the 
best friend we have had,” he 
said. “The first two days of 
the rail strike were thin with 
few extra passengers, then it 
picked up and has been picking ; 
□p all the time since then.” 

Business was now so good 
and the passengers so pleased 
to get transport that “it will 
get to the stage -where the 
coach will soon be stopping at > 
the pub on a Friday night to \ 
celebrate,” Mr Tavendef said. 

. . Grey-Green coaches also 
reported good business, with * 
_40. of its 105 LondonJiased 
coaches on charter to banks 
and business bouses in the 
City. Again, they would 
normally be in the garage for 
most of the winter. 

Some of the north Kent coach 
commuters were so pleased with 
their service that they arranged 
a party for the coach drivers 
just before Christmas. "This 
reflected the very good com- 
munlty . spirit of the. regular 
commuter services,” said the 
company. 

Passenger volume on the Grey- 
Green coaches increased by 100- 
150 per cent in the four weeks 
■ of the intermittent rail strikes. 
The coach drivers are all under 
firm Instructions from the com- 
pany’s management not to treat 
their passengers as . an emer- 
gency problem. 

In tiie road haulage sector 
there was a “ noticeable increase 
in demand ” according to 
National Freight, the -state- 
owned haulage operator and 
Britain’s biggest road transport 
group. 


Flying on business 
to Hong Kong? 


Cathay Pacific 

make it simple. 




rsuaiBwnviuwH. . 


If ^youteffyingbnsiness class from London to 
HongKong, you have a choice of airlines. But the 
choice isn't as simple as it sounds. 

One airline only flies 5 times a week. Another 
has 7 flints but only 5 of them are single-stop, and 
theyhavevaryingdepart^ 

Two airlines have rules that are either compli- 
cated or less than generous when it comes to the 
luggage you can carry. 

All of which tends to be confusing. Until you 
come to Cathay Pacific- and then ids simple: 

Cathay Badfichas a one-stop flight to Hong 

Kong every day ofthe week. 

The aircraft is a Rolls-Royce powered Boeing 
74 % always-The departure time is 1L00 am* always. 

And passengers in ourMarco Polo business 
class cantake30 kg ofluggagein any shape or form 
theychoose. 

OurMarco Polo class has been completely 
re-designed, with. better seats andmoreroom 
between them- themostroom,in fact, ofany 
business class cabin on the Hcmg Kong route. 

• Thefoodandwinesarcevenbettathan 
before-andifyoulmo standard^ 

thaft saying quite alot. 


So, for the business traveller to the Far East; 
we think we offer the most convenient, comfortable 
and fuss-free choice that there is. Contact your 
Travel Agent, orphoneus direct on 01-930 7878. 

Tfou can depend on us. 


ABUDHABI'R^HRW -BANGKOK -BOMBA7'ERl]NEr*DtJBAI*HMJOKA ’HONGKONG • 

JAKAKIA-KOTAKINABALU ■ KUALA LUMPUR- LONDON ■ MANILA* MELBOURNE - 
OSAKA-EENANG'PERIH-POKrMORESBY-SEOUL'SINGAPORE-SYDNEY-XAIPEI'TOKyO. 



The Swire Gtotip 


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Financial Times Monday I 


UK NEWS -LABOUR 


Inquiry on 
rail dispute 
awaited 

By Our Labour Staff 

STRIKE ACTION baited all 
British Rail services again 
yesterday as all rides involved 
in the train drivers* dispute 
awaited the publication of the 
findings hy Lord McCarthy’s 
inquiry. 

However, it remained un- 
clear last night whether the 
report will be released, today 
or tomorrow. 

A further one-day stoppage 
is due to go ahead tomorrow 
while the Associated Society 
of Locomotive Engineers and 
Firemen's executive meet to 
discuss neat week’s industrial 
action. 

Even If the inqniry report 
creates a basis for resolving 
the six-week dispute it is un- 
likely that any agreement will 
be reached in tune for the 
union to eall off the strikes 
planned for tomorrow and 
Thursday. 

Response likely 

However, while Aslef made 
clear that it was not prepared 
to co-operate with the inquiry, 
the union is expected to be 
quick to respond if any of the 
recommendations present a 
means of bringing about a 
settlement. 

Hr Joe Gormley, president 
of the National Union of 
BUneworkers, is to hold talks 
with leaders of all three rail 
unions tomorrow to discuss 
moving anthracite stocks 
which have built np as a 
consequence of the rail dis- 
pute. 

Mr Gormley Is concerned 
that if the strike continues 
the National Coal Board could 
be forced to shut down mines 
and lay off workers. 

The British Rail Board is 
also meeting tomorrow to dis- 
cuss the dispute. 


Times print union warns 
‘no prospect’ of agreement 


BY IYO DAWNAY, LABOUR STAFF 


A SENIOR print union official 
said last night that the closing 
of Times Newspapers may have 
to go ahead to protect the terms 
and conditions of other Fleet 
Street print workers. 

Mr John Mitchell, secretary 
of the London joint branches 
of the National Society of 
Operative Printers, Graphical 
and Media Personnel (Natsopa). 
said yesterday there was 
“absolutely no prospect" of 
reaching agreement on the 600 
redundancies demanded by the 
company by the end of this 
week. 

Hr Mitchell said: “If we 
allowed for cuts on this scale 
and it was mirrored in other 
newspapers it would have worse 
consequences for our members 
than if the Times closes. 

“ We have asked the manage- 
ment to remove the deadline so 
that we can talk without the 
threat hanging over us, but they 
have refused. So the next move 


is up to them ” 

Mr Mitchell said that Natsopa 
had made its position clear to 
the management at meetings 
last week and no further talks 
were planned. 

With three days to go before 
Mr Rupert Murdoch’s deadline 
of 10 am on Thursday is 
reached, the company loots far 
from achieving the 600 job cuts 
target 

Several Natsopa chapels 
(office branches) where most of 
the redundancies have to be 
found have voted not to allow 
members to accept voluntary 
severance. 

The Times National Union of 
Journalists’ chapel, where 
management wants 35 redundan- 
cies, has also made clear its 
determination to resist whole- 
sale job cuts. 

Concern over the Times News- 
papers’ board’s decision to 
transfer the titles of the two 
papers to its parent company. 


News International spread at 
the weekend. 

Yesterday Mr John Smith, the 
Shadow Trade Secretary, said 
he would.. be putting down a 
Parliamentary question to Mr 
John Biff eh, 'Trade Secretary, 
demanding an examination of 
the move. 

On Saturday - Sir William 
Rees-Mcgg, the, former editor 
of the Times, said the transfer 
of the titles was illegal. 

On BBC Radio. Sir William 
said; “It is toe responsibility' 
erf the Department of Trade to 
see that this purported transfer 
is cancelled unless and until the 
independent national directors 
'had been properly consulted 
and given their consent by a 
majority— if they do.”. ; . : 

Lord Dacre of Giant on, “one 
of the five independent direc- 
tors, said yesterday that a meri- 
ting of the' directors was likely 
to take place ‘at the end of tbe 
week. 


Shipbuilding job cuts agreed 


BY JOHN LLOYD, LABOUR EDITOR 


UNIONS representing about 
30,000 workers in British Ship- 
builders’ naval yards have 
agreed to redundancies of 
between 2,500 and 3,000 because 
of cuts in naval defence 
expenditure. 

It is expected that the big 
yards of Vickers in Barrow and 
Vosper in Southampton, will 
bear the brunt of the cuts, which 
will be phased over the next 
four to five years. 

The Confederation of Ship- 
building and Engineering 
Unions, which met British Ship- 
builders last week, have 
accepted that the corporation 


had little choice but to cut its 
workforce. 

However, keeping the redun- 
dancies within the 3,000 limit 
depends upon tbe success of 
the corporation’s plan to divert 
some production in the naval 
yards to. oil-related vessels and 
to naval ships for export 

But a sharp rise in foreign 
or oil-related orders could 
reduce redundancies — though 
this is considered unlikriy due 
to the depressed state of the 
world market. 

The unions were told that 
the corporation’s merchant ship- 
ping side had “never . been 


■ stronger''' 'since nationalisation 
five years ago. 

Talks on a “Shipbuilding 
Charter," to achieve stability in 
the industry’s industrial rela- 
tions, improving productivity 
and involving the anions more- 
closely in decision-making are 
likely to start after the forth- 
coming pay talks end. 

These open on Wednesday in 
Newcastle. ~with the confedera- 
tion presenting its case for a 
“ substantial ” rise. with 
increased holiday allowances 
and improved conditions. The 
corporation will respond at the 
next meeting. 


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BA service 
90% normal 
at Heathrow 

By Our Labour Staff 

BRITISH AIRWAYS last 
night reported that up to 90 
per cent of its European and 
domestic flights to and from 
Heathrow Airport had 
escaped disruption yesterday 
in spite of a strike -by 2,000 
ramp workers. 

Transport and General Wor- 
kers* Union officials are 
expected to seek further 
meetings with BA manage- 
ment today in a bid to resolve 
the dispute, which centres on 
the' company’s attempt to 

■ introduce new work schedules 
as- part of • the airline’s 
survival plans. 

Peace talks broke down on 
Friday after management 
refused to accede to demands 
for a return to former work- 
ing practices to allow for a 
period of negotiation. But 
shop stewards on Saturday 
decided to lift picketing on 
Heathrow’s long-haul Ter- 
minal 3 to allow more time' 
for discussions. 

Picketing is con firmi ng at 
Terminals I and 2, but 
voluntary work by pilots and 
administrative staff has en- 
abled BA to provide an in- 
creasing level of service since 
the dispute began last 
.Thursday. 

Mr Mike le Comean, chair- 
man of the ramp workers’ 
shop stewards, said yesterday 
that disruption could escalate 
soon if the airline fails - to 
negotiate a new contract of 

■ employment. 

He threatened that if BA 
failed to honour the existing 
contract, the dispute could 
give rise to industrial action 
at every British airport, 

A mass meeting of the 
ramp workers is due to . be 
held tomorrow to enable shop 
stewards to report 


Crudal tall 
dispute at 1 

BY IYO OAWKAY, LABOUR STAFF 


• »■* ■■ v, - 
•• “ r.' ■«' ; 1 


CRUCIAL talks which could 
settle the future of Leyiand 
Vehicles take place in London- 
today in a bid to end the strike 
by more than 12,000 workers at 
the BL. truck and bus subsi- 
diary. , , .■ 

The talks take place against 
a background of mounting 
concern that the parent BL. 
board will deride to dose lie 
company with .the loss of 60,000 
jobs if the three-week dispute 
is not resolved by toe end of 
the week: . 

In a letter to the Financial . 
Times last week. Mr David 
Andrews chairm an of the 
Leyiand -• Group, said that 
“ because of toe enormous 
losses being sustained, the 
future of the Leyiand plants-: 
must be decided within the : 
next week.” .. - 

Union officials representing 


striking workers :=at- the pteitt 
at Batogate, near Glasgow and 
at Leyiand a® 3 Chorley.^an, 

Lancashire are. to Present as. 
alternative corporate .strategy 
to manag ement in a hid to halt 
the company’s own: Testn^ctm- 
ing ftfryrr which .involved ytbe 
loss «f'4,lD0 job*’. ,, ..-m-. ; . 

Union. ’offiriais yesterday 
decEned to issue details of too* 
alternative «imval jpfen . 

to today’s talks. However, i(n 
understood ' 'toat-rusohmassiook. 
from Ba&g^'War argue M : 
recent .developments In_tfie uK : 
tractax mafitifaeturing industry 
justify' continued producti»c at L 
the. plant. *: 

Union-officials ire expected .to.- 

ask Leyiand Vehicles- manage- 
meat to.' postpone the difr-t 
numtiing of the tractor plapt, 

wbkh was sold to^Marshall and" 
Sons,' a Tipr olnsdurehased -tod*-: 


pany t .in Novrinber^ - 

the outcome of -.3%$w>Sc' ' ; 
Accounts i’ Committeer^ttri" sc 

the sale. - . . -r .• 

Last night Mr 

labour JffPvfor : West rSfmsKO' 
who called for. titetoresgartfet, 
by -the public sperifin&’wcbSi- 
dog body, said Batogate 
harboured “grave dflobte*/t»er. 
the : terns under , which, $» . * 
transaction- was. 

UniraV leaders Tanam 'pes^- - 
Eristic tost the umagemqptgce . - 
prepared. -tv revoke thgfr jakn/' . 
Which includes LS65 ./rerate. ... 


m However one negotiator - 1 
ceded, that .the -Batiffiatp" work- - 
•force ri»ld agree to a rotitrff to 
work ttTO.r^sofatibh.^^ 
puto- iy i 2bto&.at today's talks. 


BRITISH LEYLAND’s assur- 
ances about the future of its 
Scottish operations me treated 
with scepticism at the strike- 
bound Bathgate track plant . 

There is a deep seated con- 
viction that Leyiand has ^kmg 
term intentions of dosing down 
Bathgate and to the light of 
past unfulfilled expectations Bri- 
tish Leyiand is finding tins con- 
viction hard to shake~ 

The . production of - medium 
weight trades was scheduled to 
continue at .'Bathgate but the 
state of the market has meant 
that die production of these, 
trucks wDI be centralised as toe 
south under the latest plan. 

"Workers at the Glasgow plant 
were promised production of toe 
ZF German gearbox under 
licence but a fall in the value of 
the pound over the deutschmark 
put paid to that 

Distrust by toe men on toe 
picket line has made Che 
weather-beaten force in front 
of toe . Batogate— factory gate 
appear established. 

A tent and a large parked 
panel Crude provide refuge from 
the winds tearing through the 
bleak flat waste ground round 
the plant 

The unions are convinced that 
Sir Michael Edward es, BL chair- 
man, accepts that be may have 
a prolonged strike on his hands. 

Although allied to a division- 
wide strike with, colleagues in 
Choriev and Leyiand to toe . 
south. Bathgate has its special 
grievances and worries. Its 
future is far less certain than 
that of Leyiand plants to toe 
south, the workforce says. 


There are few potoica^oyerv workers wba-Were ;eiH- j , 

tones ito toe ; Scottish strike^ hanged terms yfecanse XJTOdo c- ■ 
It bas nsore xrf . a ooirrmuiaty ‘ tion ^was. ending. - 

feel to to Wbrfcere axe bimwi^. -Tbevh toatbprok ... 

that . the -planned 1*300 ; rednn-: Jdhiing jhe blg^Lahdtrajn : and 
daaooes at Leyiand coincide wife - Landtoastar' ‘ trucks means tear 
a itoreaE to dose EksseyyBflffli E-’' ,r »V Thml ’ ‘World tmpqitoig ' 
gate factory,, with their^inSus- . 

330 jobs. , T ^ -wIH be - 

Although they; are a ^deter-- reduced to prodrafog . tracks in 
rtwned strike force; toe fonp ' only- • r • 

workers have. ■; p. .tectoti iffor : i 'f LfeyiaiMP "argues 1 th&t more V 
moderation. UhdeT'itr JSmitty; * Wortf -botatezit " goes toto. the 
Swan, their. convener, jOae? '&Mr.''^'|atoct&dinni-* > - Wt - for U^.big . 
a readiness to “discuss ttesae-:.^ triick-tfian -into: irfully flsssem- ' 
structuring plan; .with L^md, bled, medium wright trucks and • 
but they will also be pr^ezpahg the unions say that the much . 
tiieir own flexible alternative brirer volume of |ng trusts pro- • 
v - ' ’- •* ; dured will . eventually- mean 

.... . . • fewer, men. on the production j 

Mark Meredith looks at line- _ 4 . 

,, . . .. .j-. « v Leyland*s^ propwal for Bath- . 

the obstacles ml*eylaDas gate toi>e the production eentre 
_ if- « for a hew. *i world” engtee, part ’ 
path, as it Searches ^ ^ a . ccfiiaburatjve venture with \ 


Scottish peace formula, ffjg* 

r““ the men at JftatBjsate- ; * 

prosamme. to the company; 

designed to keep the present *0^^ S_ by 

product - range 1 ' of 'itrhdas * and whh^tiine'^BatogMc would bave 
factors. t : ■ : : ^ . been reduced to f& two gxport 

L^and wanted, to iniove prOr ’5^2? ” 

duetton of.- suiall aDd .-medlum ^ 

weight trucks from- Bathgate to colder a- u gter^tnc. 9? series 


the south. Bathgate is- to pro- 
duce two large trucks for. toe 


engto*. ■’ 

• However, toe mauagenreut and 


export market, and . become toe -unions may find that some line 
msirr tnzck CTgfne eenir< lies ih thg tim- 


lily and l^jSO/redjmdaHries. ; dieted- tbat r th%' ai^ wiliing to*. ’ 

Leyiand toaf ^ : abtiWv**!^ 

l,Q6d men - nave : accepted fe^ ‘ meet • ‘tfle ; fall ' to v* - 

dundancies, - especially \'J : ’ ’ ■ . :• 


Union protest ends at SheU refinery 


BY OUR LABOUR STAFF . 

WORKERS AT Shell UK’s 
largest oil refinery voted yester- 
day to end toeir dispute over 
local allowances after a man- 
agement warning that it would 
close the plant today if agreed 
meat was not reached. . 

Members of the Transport and 
General .Workers' Union voted 
at a mass meeting, at Staolow 
Refinery in Cheshire by a mar- 
gin of li to one to accept an 
8 per cent rise in locally 
negotiated payments: 


About 1^00 wdrkem .Jiaye - 
been oaovying out .sanction^ 
against toe company • since 
February 1 in a’bid to iaase toe' 
offer, which fe paid for dirty 
working, holiday inftexrupfwms 
and working atheigbls. ' .. -V; 

. Employees to all Sjell’s fotir. 
UK- refineries had . already 
-agreed an "8 1 per cent- national 
pay intoease in Decexhber.- = ,-v 
Under yesterday’s settlement, 
man a g e m ent: have . lindertakrii 
to lift toe suspension order on 


■ ■■ !. » r ■»’ • 1 •+! • .r 4 ... - .. 

■ -.7'“ Q . '•? -• 

- tiie L500 staff to dispute - and 
.-guarantee, toak'.-po disciplinaiy 
action “ Wtil: b€^ taken against 
tiMBe involved iri: the dilute. 

, company has also 1 agreed 
:-to pa? to Mtoeh.i- S cent 
,ri*. .on; baste: .nates negotiated 
" two years ago ?to return -full 
oniperation. of the workforce. 

; -per - .■ceirt . dosed yesteeday, 
stomJd be restored to fuU .pro- 
• doetion to* about; 10 days’ 'tune. 


asa jotot venture between theagency and the 
-GnaterLOTdcm<fotmc3,-wiff bestepped up • - 


in 1982-tatindBde Evening dimesas wefi as 
oneday donfeences. ‘ V ; r 


Wmmk mm 


Staff from the head’offrees 
of Unigate Dairies and 
St Ivel have relocated from 
London and elsewhere 
into one administrative 
centre, located r* 

Dorcan House; 

Swindon: 


Like many other national • 
and international companies. 
the new St ive! chose Swindon 
because cf its position, 
Adjacentto the ^4, tSwinoon 
guarantees superb L ■ 
communications by road, rail 
and air.. The capital is only an 
hour away by high speed 
train. And it’s even quicker tc 
get tc Heathrow than it 
from centra; London. 

Full assistance was' 
offered for staff relocation, 
which included guaranteed 
housing for key personnel. 

Why not take a look at 
Swindon for yourse! f. 

Get the tacts from 
Douglas Smith, industrial 
Adviser, Civic Offices. 
Swindon. Tel: (0793/ 2616T. or 
telex 444548. 




















TECHNOLOGY 


- -Financial Times Monday Fe 


EDITED BY ALAN CANE 


Star offers cheap power from the Sun 


BY MARK -NEWHAM 


SOLAR power technologies 
could soon supersede nuclear 
reactors as the source of the 
world's cheapest electricity, if 
the claims of a little-known U.S. 
company live up to expectations. 

The company — Solar Tech- 
nology Associated Research 
(STAR) of Aurora, New York 
State— has announced details 
of an innovative process to make 
scZar photovoltaic cells capable 
of generating electricity directly 
from the sun’s rays at 70 cents 
a watt. 

If STAR’S claims are substan- 
tiated, the company will already 
have met the U.S. energy de- 
partment’s goal to reduce photo- 
voltaic cell prices to the 70 
cent a watt level by 1990. And 
from reports circulating in the 
U.S. solar industry, STAR’S con- 
fidence in its product appears 
well-founded. 

Cost reduction 

STAR has achieved the cost 
reduction (most p resen tiy-avail- 
abie photovoltaic cells cost 
about 510 a watt) by incorporat- 
ing a unique yet simple cell 
design which raises the solar 
insulation to electrical produc- 
tion conversion efficiency above 
the 30 per cent level (about 10 
per cent greater than any other 
ceil so far developed) and by 


designing the cell for easy mass- 
production. 

The company calls the cell a 
“ micro-corduroy, thin film ” 
cell which can be made from 
either polycrystalline silicon or 
gallium arsenide. In cross- 
section, the cell lives up to its 
micro-corduroy description in 
that it is composed of a series 
of ridges and valleys. Up to 6Q 
peaks and troughs are contained 
in every cell inch. 

The topography can be etched 
or pressed on to a thin glass 
base, made by Coming Glass, 
and each ridge slope is coated 
with semiconductor material 
giving them alternately cathode 
or anode characteristics. The 
base of each valley remains free 
of semiconductor to isolate each 
cathode from its adjacent 
anode. 

Each cell is then encased in 
a vacuum and exposed to sun- 
light. Photons in solar radia- 
tion reaching the cell are 
converted to electrons by the 
cathode semiconductors and a 
stream of electrons leap the 
valleys to be collected by the 
anodes. 

The electrons pass over the 
ridge peaks to the next cathode 
to be ejected to the next anode. 
In this way a cumulative 
electron flow develops and a 
continuous and increasing 






75 , 

L 

I 








voltage is generated and 
collected by the current outflow 
busbar. 

By encasing the cell in a' 
vacuum, STAR technicians have 
developed a cell capable of 
forcing stray electrons back to 
the anodes. Electrons striking 
the underside of the coverplate 
give the plate a negative charge 
which repels further electrons 
and prevents current leakage. 

Current loss is also minimised 
by reducing connections 
between ceils. Each STAR cell 


has only two wiring, connec- 
tions at the current outflow and 
earth busbars— significantly less 
. than earlier cells each no lugger 
than two inches in diameter, 
sawn individually from single 
crystals of silicon and wired 
together to form a photovoltaic 
array. 

The STAR approach is to 
grow a single cell up to one 
metre square with just the two 
connections. 

Since the cell has built-in 
current accumulation qualities, 


voltage is directly proportional 
to cell size. As a result, cells 
can be tailor-made, to suit 
individual generating needs— a 
■flexibility which represents a 
sizable advantage over other 
photovoltaic arrays encapsul- 
ated into standard output 
modulesL- 

So far, STAR has produced 
only laboratory test cells with 
six inch diameters, but com- 
puter analysis predicts that 
virtually nothing restricts the 
ultimate size of the cells once 
they go into mass-production. 

Before the company reaches 
that stage, however, STAR’S 
research director, Bernard 
Addis, has one last hurdle to 
dear. He wants to. raise con- 
version efficiencies further and 
is working on a method to coat 
the cells with gesiran oxide to 
help the cells convert both 
.ultraviolet and infra-red ranges 
of the light spectrum, in addi- 
tion to the visible range, to 
electricity. 

Once this cesiation deposition 
process is perfected, no thin g, 
STAR believes, stands in the 
way of the cell achieving its 
predicted efficiencies. 

The confidence is shared by 
Richard Campbell, a senior 
research scientist at the Pacific 
Northwest Laboratories of 


research group, Batteile. 
Having carefully analysed the 
cell, Campbell Is particularly 
enthusiastic about the absence 
of wiring connections. These, 
he says, are the main source of 
current losses— losses which the 
STAR- cell virtually eliminates. 

Japan’s interest 

Evidence of Battelle’s enthu- 
siasm fbr the product is illu- 
strated tv the group’s move to 
negotiate construction of an 
automatic cell production line 
with STAR. "If the cesiated 
cells live up to expectations,” 
says Campbell, "the next step 
is to tool up a line to produce 
cell arrays in volume.” 

Meanwhile, STAR’S founder, 
David Abbott, has opened dis- 
cussions with a number of com- 
panies interested in acquiri n g 
cell production licences. 

Abbott reports major interest 
from Japan and is . negotiating 
terms with the U.S. division 
of Japanese trading group, 
Marubeni. 

Marubeni has followed the 
progress of the STAR cell 
closely and considers the tech- 
nology almost ready for the 
open market If STAR and 
Marubeni agree oh a contract, 
Marubeni could become the side 


licensee for the technology in 



STAR intends to license, i 
number of overseas companies; 
to manufacture the cell abroad 
rather than buHd up an export 
production capacity at fts U.S. 
facilities. With tins im mind, 
Abbott has taken out patents 
on the cell in the UK, Bdgitim, 
Canada, France, Italy, West 
Germany, the Netherlands -and 
Brazil and is seeking Euivpe&n 
partners to commercialise Che 
technology f in .their respeCtiye 
markets^-—'- -'--...y-;; - : \ -- : ’- 
Those markets coidd be con- 
siderable, he adds; since .the 
arrays could proye idealfor the 
residential sector STAR arrays, 
he says, TviH . generate .three j 
times as much power from an 
array". :a: third, the ..size./ "of ! 
preseMly-available /photovoltaic . 
arrays. • - . ■ *';'• 

If the ceH’s jjerformaime Rves 
up to -th^e-.grmtoipse.. clams, ■ 
Abbott wDl undoubtedly be ; 
folly satisfied with his; invest- j 
ment in a technology originated j 
at CoraafV University in 1976 j 
and. developed , without -. any 
fi nanc ial support ftom thE- U-S. 

Government or from, toe ■ oil 
companies — an unusual develop? 
ment pattern in. /an ;'indiisfcty ; 
. dominated bytfae nmltf ngtifli iklp 
and federal support grants^ / 


fill!!! 


unfurled 




BY ANDREW FISHER, SHIPPING CORRESPONDENT 


WITH HER two smoothly 
curved computer-operated sails, 
the Shin Aitoku Mara may not 
be everyone’s idea of the cargo 
ship of the future. 

But this curious looking tan- 
ker has achieved sizeable fuel 
savings and performed sturdily 
in rough weather after more 
than a year in operation, its 
owners have now reported. 

The 1,600 deadweight tonne 
tanker was the world’s first 
to use sails as an additional 
propulsive force to the main 

B&SMOCEU. 

^ ROOFUGHTINSUAnON I 




f EarfuUdetafls 

ring TbmJUliscn<m0904 38440 
Stonebow House. Yctric Y01 2NP 


engine. The two sets of sails 
are made of steel frames and 
canvas. 

Including hull improvements, 
the application of a slow revo- 
lution large diameter propeller, 
a high-effldency main engine, 
use of exhaust heat, and the 
computerised satis, fuel savings 
of as much as 50 per cent have 
been obtained. 

- The average saving produced 
from the sails alone averages 
around 10 per cent, depending 
on the wind. The ship has a 
crew of ten people and a ser- 
vice speed of 12 knots from the 
main diesel engine. 

Some Y45m (over £100,000) 
has been saved on fuel, said Mr 
Yoshinori Fujiwara, president of 
Aitoku Company which owns 
the controversial Japanese ship. 

Even in strong winds and 
heavy seas in the China Sea, he 
added, she had no trouble. Its 
d esign ers, the Nippon Kokan 
(NECK) shipbuilding and steel 
group, are now working on other 
types of vessels using sails. 

The views of Mr Fujiwara and 
others connected with the Shin 


Aitoku Mara— built at the Ima- 
raura yard — were reported in 
the latest issue of Sea-Japan, 
published regularly by the 
Japan Ship Exporters’ Associa- 
tion. 

It said that NKK had started 
work on plans for a new 35,000 
dead weight tonne sail-equipped 
bulk carrier which would have 
a sail area of 3,400 square 
metres and be a large step up 
from the small Shin Aitoku 
Ma ra. 

NKK has four main aims in 
mind on this new development 
project : 

• To cut the cost of the sails 
and linked equipment. 

• To develop larger sails. 

• To work out the optimum 
arrangement of the sails and 
cranes. 

0 And to achieve power gains 
of 10 to 15 per cent 

The group has also, according 
to SeaJapan, had inquiries from 
domestic and foreign shipowners 
for sail-equipped passenger 
ships, car ferries, chemical 
tankers, roll-on/roll-off cargo 
ships, and refrigerated carriers. 

Mr Noboru Hamada, presi- 


dent to the Japan Marine 
Machinery Development Associa- 
tion <JAMDA). admitted- that 
when he first brought up the 
idea of the sail-equipped Ship, 
u the reaction of the industries 
concerned was generally not to 
pursue it too far.” 

The performance data after 
over a year in service, he 
added, “ show results far 
beyond my expectations ” Her 
rolling and pitching in rough 
seas was fairly small, whether 
moving into or with the wind. 

When she rah into a typhoon 
near Taiwan last June, with' 
winds of up to 30 metres a 
second and waves of six to 10 
metres, the heeling range was 
never more than 2.5 degrees. 

The ship also managed to 
maintain headway in these con- 
ditions at slow speed. 

As for fuel consumption, this 
averaged 129.4 litres an hour or 
11,72 litres per mile over a 20- 
day period last April covering 
3,665 miles. This was at an 
average speed of 11.04 knots 
with main engine output of SS3 
horsepower. 



ijhiibb&Ii 


ALTHOUGH telephone mohfter- 
ing 'systems - canto on to. . the 
market -in /the • : w&\7te 'they - 
were . ' aimed, at T'kaeping- an. 
overall ctii*ck"onVf&e' totoy . 
strumejits •: connected toihblg 
PABXs. : Users; : of rindmftoal 
telephones or small - PAjrxfr 
were /not w^' served. ;^'- ■_ 

-• Recently; however, Ihterscan 
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The Association 
of International 
Bond Dealers 


TJ»A»«iatten<rfInff»i*tio^ 
BoMDM)e»UIBD) tmqdles 
pa rent market anotaflons and 

yields for Eorobond tesaes. 
These qootxtbms and yields are 
published moaflily by the 
Flnaodal Times. The 
AmeMln^ prices and yields 
■; ace compiled from quotations 
obtained from market-makers 
on the last working day 
of each montii. 

There Is no single stock - 
e s da nge for Eurobonds in 
the usually recognised sense— 
secondary market trading 
business is done on the 
telephone between dealers 
scattered across the world’s 
major financial centres. 

Membership of the AIBD 
(which was established in 1969) 
comprises over 550 Institutions 
Cram about 30 countries. 


Eurobonds in January 


BY OUR EUROMARKETS STAFF 


THE MOST prominent feature 
of the Eurodollar bond market 
in January was undoubtedly the 
popularity of zero-rated coupon 


A sudden rush started in the 
second week, with seven zero 
coupons on offer for major U.S. 
companies. 

Salomon Bros, led the way 
with a nominal $250m issue for 
General Motors Acceptance 
Corporation (GMAC), which 
was closely followed by similar 
large amounts for Arco, PepsiCo, 
Wells Fargo, Caterpillar Tractor, 


Beneficial Overseas Finance, 
and then a second issue In the 
same week for GMAC, tins time 
for 6150m. 

Despite fete that the market 
would not he able to absorb all 
the zero coupon paper, 12 more 
new zero coupon issues were 
launched during the rest of the 
month. A 6300m zero bond for 
Sears Roebuck, through Daiwa 
Securities, was increased 
shortly after its issue to 6400m, 
and Gaz de France became the 
first non-U.S. borrower to 
launch a zero coupon bond, with 




CONTENTS 

GROUP HEADINGS PAGE GROUP HEADINGS PAGE GROUP HEADINGS PAGE 


US DoDars— Algeria n 

—Argentina H 

. — -Australia \ II 

—Austria n 

— Belgium . n 

—Bolivia . H 

—Brazil n 

US Dollars — Canada - XI 

—Colombia n 

^-Denmark II 

—Finland * H 

US Dollars— France IX 

— Germany D 

—Greece H 

US Dollars— Hang Kang U 

■ - TTnn g a r y * 1 1 

— Iceland II 

—Iran <11 

US Dollars— Ireland ■ *11 

—Israel . II 

—Italy n 

US DoHara— Japan n 

—Kona ‘B 

—Luxembourg II 

—Mexico n 

— Netherlands II 


US Dollars — New Zealand II 
— Norway . • n 

Panama II 

—Papua • n 

' —Portugal • n 

US Dollars— Singapore a 
— South Africa 0 

—Spain II 

— Sweden H-H3 

US D ollars — Switzerland in 
—Venezuela ni 

— United Kingdom . HI 
— United States EG 
US DAn»T Q— JWnlHwiiBmwl m 
— Supranational m 
US Dollars — Floating Bate m 
Australian Dollars IT 

Austrian Schillings IV 

Bahraini Dinars IT 

Canadian Dollars . IT 

Ettrogullders IT 

Enn> Composite Units - IT 
EuroCorremyUnlts ...IT 
EaroUnitsaf Account IT 
French Francs IT 

Hong Kong Dollars IT 


Japanese Ten IT 

Kuwaiti Dinars IT 

Kroner (Denmark) IT 

Kroner (Norway) IT 

Luxembourg Francs IT 

Sandtfiiyafe IT 

Sterling/DH IV 

Australian Dollar /DM IV 

External Sterling Issues IT 

Sterling Floating Rate XT 

Special Drawing Bights IT 

Convertibles— Australia IT 

— Canada IT 

— Denmark IT 

Convertibles — France IT 

—Hong Kong IV 

— Japan IT 

—Luxembourg IT 

— Netherlands IT 

Convertibles— Singapore IV 

— & Africa IV 

— Sweden VI 

— Switzerland .• VI 

—UK. VI 

Convertibles— US. VI 


Credit Commercial de France as 
the lead manager. 

Altogether, the total face 
value of these issues was around 
65bn, giving an actual amount 
to be raised of $L4bn. 

The reason for the popularity 
of such paper is not hard to 
find. A zero coupon issue is 
priced at a deep discount 
because no annual interest is 
paid. 

This guarantees a large 
capital gain and makes such a 
bond an attractive proposition 
for those investors who are 


The table of quotations and 
yields gives the latest rates 
available on January 31, 
1982. This information is from 
reports from official and other 
sources which the Association 
of International Bond Dealers 
considers to be reliable, but 
adequate means of checking 
its - accuracy are not available 
and the Association does not 
guarantee that the informa- 
tion it contains is accurate or 
complete. 

All rates quoted are for 
indication purposes only a* 
are not based on, nor are 
.they intended to be used as 
a basis for, particular trans- 
actions. In quoting the rates 
tiie Association does not 
undertake that Its members 
will take in all the listed 
Eurobonds and the Associa- 
tion, its members and the 
Financial 'times Limited do 
not accept any responsibility 
for em u s In the table. 


at 31st January 1982 


thereby able to reduce income 
tax obligations. ■ 

Much of the paper appears to 
have been placed outside 
Europe, most notably m Japan, 
where the tax laws make them 
particularly attractive at the 
moment 

Zero coupons were not the 
only novel feature to hit the 
bond market in January. At 
the beginning of the month 
Japanese borrowers began to 
return to the Eurodollar sector 
in large numbers, especially 
with convertibles. 

But there was now also a 
fashion for a new kind of issue 
for Japanese companies in this 
market This was the bond with 
detachable warrants to purchase 
equity. - 

Mitsubishi Chemical was the 
first in the field to present such 
an offer, through its lead 
managers Morgan Stanley and 
Yamaichi. Following the suc- 
cess of this, another $5 Dm bond 
with warrants was launched for 
C. Itoh through Nikko Securi- 
ties and Morgan Guaranty. 

Later in the month a similar 
$50m issue was announced for 
Toray Industries, the synthetic 
fibres and chemicals group, by 
lead managers S. G. Warburg 
and Nomura. 

An unusual issue bearing 
w arrants also appeared in this 
sector. This was for Swedish 
Export Credit, and was arranged 
by Morgan Guaranty and 
Morgan Stanley. The issue, 
launched on January 20, was a 


675m floating rate note com- 
bined with free standing war- 
rants to purchase 6112.5m of 
eight-year bonds at 4} per cent. 

Zero coupon offers and 
Japanese convertibles so domin- 
ated the primary Eurodollar 
market during the first half of 
the month that it was only when 


Dollar issues, which had been 
large in December, again con- 
tinued at a high level in 
January. 

With their high coupons they 
attracted considerable interest, 
hut by the second week of the 
month there were signs that the 
market was becoming saturated. 


NEW ISSUE VOLUME in JAfKlAOT (Public Issues) 


i actual amount raised fcom Zoo Coupoob 


1981 ■ 1982 1981 1982 -1981 1982 


CSFB announced the $50m 16} 
per cent seven-year issue for 
Arizona Public Service on 
January 18 that the market re- 
ceived its first fixed-interest non- 
convertible issue of the year. 

The demand for such high 
coupon paper was obviously 
there, however, and the amount 
was soon increased to 650m and 
then again to 675m. 

The volume of Canadian 


As a result one issue, a C$5 0m 
16} per cent bond, for Canadian 
Pacific Enterprises, was with- 
drawn. 

In the D-Mark foreign bond 
sector the DM 185m issue for 
the European Coal and Steel 
Community, which appeared in 
the December calendar, finally 
emerged in the first week of 
January, thorough Deutsche 
Bank. 


The new calendar, set on 
January 11, although not as 
large a volume as the record set 
for the December through to 
January period, still included 
over DM lbn of hew paper for 
the Ttiprith. 

As in the Eurodollar sector, a 
large number of Japanese 
borrowers also appeared in the 
Swiss franc foreign bond mar- 
ket, mainl y as private place- 
ment convertible issues. 

Towards the end of the month 
so many of these issues had, been 
launched in this sector that 
there was a growing concern 
that a s imilar fate could befall 
them here as had happened in 
the dollar market last year. At 
that time saturation of the mar- 
ket led to a slump in prices, 
followed by the absence of 
Japanese convertibles altogether 
for some time. 

In the secondary markets, 
prices of fixed interest Euro- 
dollar, D-mark and Swiss franc 
issues drifted during the first 
half of the month as traders 
sought a new level for the 
beginning of the year. 

Six-month Eurodollar interest 
rates rose by } per cent during 
the month, while both the D- 
Mark and Swiss franc six-month 
rates fell by A per cent. Despite 
this variation, prices in all three 
sectors, while fluctuating on a 
daily and even weekly bads, 
were, at the month's end, 
generally unchanged. 


COMPILED FOR THE 1 ASSOCIATION OF INTERNATIONAL BOND 
DEALERS BY DATASTREAM INTERNATIONAL LTD 


In 1981 we managed 
or co-managed 54 issues ^Bj 
in the Euromarket 
totalling more than $4.3 billion. 


Alntibi-Pnce Inc. 

US $5D,OOOJX)015%% SeriesI Debentures * 

due 1991 

BankofMontreal 

US $150.000,000 16%% Debentures Series 

7 due 1991 

BankofMontreal 

US $125,000,000 Floating Rate Debentoes 
due 1991 ' . - 

- TheBankofNera Scotia- • 

US $25,000,000 15%%Deposit Notes due 
.198ft... i 

.Tfce Bank ofNerva Scotia 
US $100.00^000 Floating RatfiMjenbiras 
duel993 ‘ 

BanqaeNatianaTede Paris 
US $225 JXHWOO Floating Rate Notes due 
>39 96; 

Canadian Imperial Bank of Commerce 
US $l85,00flD0Q 14#% Deposit Notes due 
.1964 

Omadfan tap c ria l Bank of C omm erce 
Ora $75,000^)00 15%% Debentures due 
19SP • . 

Canadian NationalBmhray Company 

US $100,000,000 14%% Notes due 1991 
1 Canadian Pacific Securities limited 
Con $40,000,000 17%% Guaranteed Notes 
duo 1087 

rimafTfan nfiKa Limited 

Can S50JXWJJQ0 17% Debentures Series 
1981 due 1996 

Ci tic orp fhrersms Finance Go r uo r afa n 


Dahva Securities Co lid 
US S50.000JXM) S%% Convertible Bonds 
due 1996 - 

Du Pont Canada Inc i 

US $65,000,000 13%% Debentures due 

1991 

Eldorado No dear Limited 
US $50,000,000 1$%% Notes due 1986 
EuropeanCoal & Steel Community 
US $40,000 D00 14% Bands due 1988 ’ 

European Investment Bank 
. US St 00,000,000 16%% Bondsdae 1B91 


US $175JKKy)00 15#% Guaranteed Notes 
due 2984 ' 

O ti r n n 1 O ve r seas Finance Corporation NV 
US $150,000400 16%% Guaranteed Notes 

due 1986 - . 

The Gty ofWinjnpcR _ . . ... 

US $5(^000,000 15%% Debentures due 
1988 ' • 


US $50,000,000 17% Debentures due 1986 
CSWrinfemalkmal Finance NT 
US $15,000,000 9% Convertible 
Subor dinate d Guaranteed Debentures due 
1996 

Ctnxmnhs Overseas FinanceNT 
US $50,000JJ00 15%% Guaranteed Notes 
due 1991 


Con $40,000.000 17%% Notes due 1988 
•Federal Business Development Bank 
USftOyOOOjOQO 15%% Notes "dne 1984 . 
CMACQmafe limited 

CanSeojHKWXJO Ifl^Guaranteetf Notes ' 
due 1987 : . 

GMAC Ov er sea s Finance Cor p o rati o n NV 
US$300,000,000 16%% GuaranteedNotes 
due 1984 

GMAC Oveeseas Finance Corporation NT 
US $100.800.000 14%% Notes due 1987 
Gcnossengdiaftlicfae Zantralbank 
Akiieneesefisdbaft 
US $50,000,000 Floating Kate 
Subordinated Notes due 1992 
&nd ar T.imitirf 

US $50,000.000 14%% Debentures due . 
1991 " ‘ ' 

Genstac Corporation 

US $75,CK)OJMO 17%% Debentures due 
1989 

Imasco Limited 

US $50,000,000 15%% Debentures dne . 
1989 - 

Lafarge Coppee 

US $&,000.000 15%% Bonds due 1989 
Mtmidpal Finance Authority ofBritish 
Columbia 

US $54,000,000 Bonds Retractable at 
Holder’s Optionin 1985.1989. 1993 due . 

1997 

National Bank of Cana da 

US S40.000 ,000 25%% DepositNotes due 

1984 ■ 

Ontario Hydro , 

US $100.000000 13%% Bearer Braids due 
1991 

Ontario Hydro . 

US Si 50JW0JJQ0 16% Bearer Bonds due 
1991 


Ontario Hydro 

US $200,000,000 16% Bearer Bands dne 
1991 

PanCanadianPeferoleum T.tmitwl 
Can $65,000,000 16%% Debentures dne 
1988 

Petro-Lewis International Finance NT 
US 520,000,000 9% Guaranteed Oil- - 
Indexed Notes due 1986 

Province ofNova Scotia 
US $75,000,000 15% Debentures due 1991 

Province of Sas ka tc h ewan 

US $100,0000)00 16%% Notes dne 1988 


Can $20,000,00016%% Bonds dne 1988 

The Royal Bank of Canada 

US $100,000,000 14% DepositNotes due 

1986 

RoyNatlnc 

Can $40,000,000 17%% Secured Notes 

Series AO due 1986 

Scotland Tntern aWQwai Fin ance HV 

US $100,000,000 Guaranteed Floating Rate 

Notes due 1992 

Shell Canada Limited 

US $100.000000 15%% Debentures due 

1991 

Simpsons-Seeis Acceptance Company 
limit ed 

US$40.000.000 17%% Secured Debentures 
due 1988 

Sotiete dTHypotbeque Procab 
Can $35 ,000,000 17%% Notes dne 1988 
SodeteNationaledesChemxnsdeFer 
Fraacais 

US$75,000,000 13% Bands due 1981 


Tipco Finance NV . . 

US $30,000,000 8%% Convertible 
Subordinated Debentures due 1996 

■DansCanada Pipelines Limited 
US $100,000,000 16% Annual Coupon 

Notes due 1989 

DransCanada Pipelines Limited 
US $75,000,000 17%%NoteS due 1988 
Iribune Company Overseas Finance NV 
US$50,000,000 14% Guaranteed Notes due 
1986 

Union Carbide Canada Limited 

Can $50,000,000 16% Debentures due 1989 


In addition, we participated in more than 250 Eurobond issues denominated in various 
omencies inclu d in g USdollars, Canadian dollars, pounds Sterling, Deutsche marks, 
French francs, Japanese yen,Ihitch florins and Norwegian kronen 

Wfood Gundy limited 


January 1982 


Offices in principal cities across 
Canada and in New York, London, Tokyo and Paris 


Kidder, Peabody Securities 

limited 

Market Makers in Euro-Securities 


99 Bishopsgat^- London EC2M 3UX 
Telex 884694 

Telephones: 01-638 6272 (ext 61/3/5/6/7) SfraigfctBonds 
6386588/9 Straight Bonds 

6386323 ■ Straight Bonds 

638 6272 (ext 51/2/3) floating Rate Notes 

658 6500 floating Rate Notes 

638 6272 (ext 43/44) U.S. ConvertibleBonds 


Euro-Securities trading affiliate of 

Kidder, Peabody fi^Co. 

Incorporated 

Founded 1065 * Members all principal securities exchanges 








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90 1/4 14.9 r 9.21 US 

91 14,61 S .07 ■ 30 

30. 

85 5/8 IMS 3.57 

72 1/4 13-25 11.42 75 

15.20 75.1 

93 . 14-87 9-29 TO 

7TJ 

81 14-51 10-49 40 

93 1/8 14.92 9.62 *0 
40 J 

82 1/8 14 - 9 * 10.96 15 

77 5/8 12.91 11.27 
14.86 

67 3/4 14.47 13.53 IS 

16.33 

69 1/2 14 . Jf 13 . 3 ? ‘ 
16.60 

72 14-65 13.08 35 

16.26 13 .! 

72 14.07 15-08 - 85 

15.63 

93 1/8 16.59 10.20 75 

13.29 

68 1/2 16.19 12.41 SO 

77 1/8 15.35 12.97 50 

83 16.71 1406 SO 

88 - 3/4 15-87 15.21 

98 7/8 16.27 16.18 250 

691/4 15.32 13.36 250 
- 16.60 


93 ?/8 16.00 10.12 250 

16.41 

SB 1/6 15.62 10.92 400 
95 15 . 33 - 12.63 '350 

91 7/8 15.76 14.15 ' 50 

80 1/4 l 8.44 9.97 SO 

i 41 - 

73 1/2 14.40 11.22 * 30 
13.63 

75 3/4 15-34 13.30 ; 20 
16.85 17 .: 

82 1/2 16.01 11.52 100 
19.17 

79 1/2 16.10 12.58 150 

17.89 

"68 3/4 17 . 1'0 14.91 25 

18.87 

90 3/8 14.57 9.41 "IOO 
14.57 

70 1/8 15-60 13.35 60 

16.92 

71 1/2 15.85 11 - 19 ' 200 

19.90 

80 . 13-76 11 . 25 '200 

19-82 

. .S 3 J /2 15 . 8 D 31.38 150 ^ 
19.12 

98 1/8 19-57 10.19 - 50 

81 1/2 I 6 . 9 B 9-31 20 

1 7.20 13 .! 

78 1 / 2 * 15.82 11.46 3 b 

16.40 

79 1/2 15.02 11.01 75 

18.00 

86 21.82 10-47 130 

75 'l /4 16.02 11.96 200 ' 
18 . 3 b 

693/8 14.86 12.97 54 

15.74 


93 10-19 6.36 

14.(8 

97 3*-72 7-08 

86 1/4 15.19 9-25 

69 7/8 ( 4.76 12 - 72 ' 
17.53 

"75 1/4 13-94 11.63 
14.27 

97 7/8 14.57 9-41 

84 3/6 11-41 6.78 
13.40 

97 3 /B 7.46 6.92 
7.99 

37 1/2 10 . 96 ' 7.04 


■ 1965 AUSTRIAN ELECreiCH? 97 3 /B 7.46 6.92 
96-50 6.625 1 / 7/1986 S _ 7.99 

146 r ASSntZAS £LECtRl'cET ' ^7 1/2 10 . 96 ' 7.04 
- 96.50 6.75 1 / 10/1982 S . . , 

I W - OSIEWUJCfiS R&itfSSttiSE 95 1/8 15.49 7 .TW 
100.50 - 7 .» 1 / 10/1982 

’iP& osnffipcp^KsmiaM ’■ as 3/8 uai : 

93.50 lff .00 1 -f 7/1983 . 

19771 TACCTPAEtpSAHS • : ' 79 3/8 14-16 10 . 3 ? 

100.50 ' *.25 ”l 5 / 3/1987 lff -23 

• ns bomies-aruma • 1 


aS 3/8 15.0 J 108 ; 

79 3/8 14.16 10 . 3 ?' 
If. 23 


1973 HAFBl B.V. 


;■ n 71 1/2 10.10 8.29 


75 1/4 14.77 10.63 
17-86 


100.00 4.50 1 / 7/1988 14.30 

1973 SAPCUk 5 .T. " 3 S 68 3/4 11.69 6 . 5 S 

100.00 4.50 1 / 7/1588 15.52 

1977 KAFIS 4 S-F- , ‘ T 82 3/8 16.42 9-56 
99.50 7.875 15 / 9/1984 

197 ? KAJX 5 A B.V. 75 1/4 14.77 10.63 

99.00 8.00 1 / 9/1987 17-86 

1977 SQUAT FBASCK 84 17.51 9.23 

100.00 , 7.75 1 / 3/3984 

" aWMBjMt 

i 9?7 smjvn.Kpmtc or ssr 92 a /4 ss.ss 11.36 
100.00 10.25 15 / 4/1982 S 

•• OS KniAfiS-HUSIL 


1972 ' MAZn.,Et 3 TSLlC OF. . 

99.50 8-25 1 / 12/1967 3 

■1977 Bum.AEpnBLtc br 
100.00 9-00 1 / 8/1982 S 

1976 DUZZL.ES 1 SL 1 C OF 

99.00 9.25 1 / 1/1984 

* 1976 B 4 AZIL.BEP 0 BLTC OP 
100.00 10.00 13 / 5/1986 S 

1977 84 SCD SAC DO DESED ECOK 

99.00 9.25 . 1 1 7/1984 

1977 ' UKT^nSFICOS DE 'TLSr 

100.00 9.00 1 / 10/1982 

TO 30 UABS-C 43 ADA 

1978 CASAgA 

100.20 8.00 ; y 4 / 1983 . S 

197 tT eAUAIH- 

100.00 8.20 1 / 10/1965 S 

1978 C 4 SADA 

99.15 8-625 1 / 4/1998 S 

1976 C 4 SAHA * ‘ 

IDO . 00 9.00 13 / 10/1983 8 

1978 ' CtaAOA. . 

100.00 9-25 15 / 10/1996 S 

' 1981 * AKTHI 4 S 3 CG TSC “ 

200.00 15.75 15 / 12/1991 

. 1978 ' AUEUDDa CO OF CASAOA 
100.50 9.50 15 / 4/1988 

1979 AD 0 IXAI 5 E CO CANADA 

99.90 * 11.25 15 / 1/1985 

1976 A 7 C 0 FIS Sm^CABUIA 

100.00 9.25 15 / 9/1983 

1981 * 145 K OF IDtnSU. 

99 . 50 . 14 i 25 6 / S/X 986 

mi* base of mnn. 

100.00 16.25 1 / 12/1991 

1981 * BASE OP SWA OCOTCA 
99.50 15.50 15 / 6/1986 

5 1977 HELL-cJusiaA 
100-00 7.75 1 / 5/1987 

1974 BBLL-ORA 3 A ■ 

100.73 8.75 15 / 7 / 19 M 

- 1976 ' BELL-CAK 2 hDl ■ 

99.25 8.75 1 / 4/2006 B 

197 5 HELLrCASASA '• 

100.00 9 . DO 13 / 1/2008 S 

' 19 SI* 8 EU-CA 5 AHA 

. 99-50 14.50 15 / 6/1991 S 

■ 1980 ra-BT 

100 . 00 . 13.25 15 / 3 / 1 S 8 S 

■ 1972 BEA 5 CAS IDT 

100.00 8.25 1 / 10/1987 

I 976 ; BHASCAD DTI 
100.00 9-75 1 / 5/1982 

’ 1977 BBITTOB CDLOXUA BtUtO 
100.00 7-75 15 / S/ 19 B 5 

1975 BHZT 15 B COUHHIA BOBO 
99.75 9 L 62 S 1 / 6/2005 S 

lost* sktTtsh ooujai* : btdro - : 
100-00 16^5 29 / 1 D/ 19 BO 

‘ 1961 * SJiraH COLON DPA nSC 4 > 
100.00 17.00 28 / 10/1997 


2 sa 

77 14.66 11.00 1 ST 

19.12 * 

95 7/8 18.63 9.61 100 
86 18 . 51 10-76 ' 25 a 


O. 19.74 11.42 
93 3/8 19.73 9.61 


82 1/8 15.19 10.23 
82 1/8 15.42 14.37 
91 S/a 15.22 10.06 
66 1/8 15.23 14.48 


14.88 12-03 
16.41 

16.57 12.75 


88 1/4 16.57 12.75 

90 5/8 16.13 10.21 
26.91 

97 7 /S 14.89 14.56 
100 1/4 16.16 16.21 
99 5/8 15.54 15.56 
75 5/8 14.78 10.3 


58 1/2 16.22 15.98 

94 3/4 16 .ltfl 5.89 

93 1/4 15.96 14.21 

79 1/4 13.72 10.41 
17.26 

97 1/2 19.98 10.00 
81 3/8 13 . 32 ' 9.52 
63 3/4 15 . 96 , 15.67 
ICl 3/8 15.05 18.03 
103 1/8 16.39 16 U 8 


05 WliAMrCA'VUJA /USIliUU) 

1*74 28 DD «rtO CO OF CAUDA 9 L 3/4 X 7.31 WJS 
98.50 9-50 15 / 4/1981 

1479 CAHADA 1 B 92 5/8 14.68 . 9.11 

49-00 8-50 15 / 6/1983 

1961 * casadiab nr sc cokskC 98 S /8 13 . a. 14.70 
100.00 14.50 26 / 3/1984 

‘ 1981 * CASAD 1 A* VP EE COKEDCE 99 5/8 15.29 15-31 
100.00 IS. 15 1 / 7 / 19*6 

1981 * cAUtius ap sCeaesticE m s/s ifi.js i«.u 

100.00 16.75 15 /ID/lML 

1976 C48AD1AI BAT SAIL CO 78 1/3 15.08 10.72 

100.00 5.575 15/11/1986 

1979 CASAOlti-' SAT BAIL. CO 63 1 /E 16.10 13 . 9 * 
99.75 9-70 15 / 7/2004 S 17.04 

1961 ' CAMDIAE SAT (HI CO 87 l/A 14.75 16 .E 9 

98 - 75 . 14 . 00 . 15 / 1/2006 S . 16.90 

1981 * CADAP 1 A 5 SAT HAIL ICO 93 S /8 - 15.92 15 . SI 

100.00 14.615 1 / 12/1991 

1981 * CASADIAB SAT RAIL. CO 91 3/4 17.05 17-02 

99 - 72 15.00 1 / 6/2005 S 11.13 

1977 CA 5 ADUD PACUIC- 8 B 0 BBA 87 14.96 9 U 0 

100-50 8 .TO y 7/1984 _ 15-82 

1979 r ID AM AD SACmC LTD 77 3/8 15.01 UL 80 - 
100-00 9-73 13 / 5/1989 15.15 

1977 COMOLDUB.- WDS 8 V ■ 66 X/B 15 . 75 - 13^91 
99-50 1 / 10/1992 ■ lf .00 

-; 9 ai*- craHojruiED-'jJiiraasi 1 3033 / 4 , i 6.*9 ]U 7 


88 3/8 16 U 4 llUo 


93 1/8 1 V 59 14.23 


90 1/4 IS J 3 14.13 


98.50 1700 13 / 1 1/1988 < 6.(8 

: 1979 MBS TfctBSZ&r ' : ‘ 70 1/2 15.83 14.18 

98.50 10-00 15 / 7 / 199 * , 16.29 

■ 1990 uhe pmiakm " ' asi'/s ifi. 57 1506 , 

99.00 13.50 1 / 5 / 1 S 92 

1478 ' Mtawoi WUCE CO. " 77 14.77 1109 

99 .M 9-00 15 / 6/1984 ' 

1979 7 KMTPTOH WTm CO 88 3/8 1604 1100 

100.50 10.23 15 / 6 / 198 * 

mi vetosz caduu zk 91 13 .V> 2404 

99-00 13-50 13 / 2/1991 

1981 * ELDOgJan Kscmz 93 1/8 1 M 9 14.23 

99.50 13.23 15 / 3 / 19*6 

1978 SHORT CE m OH ffi BT cab 91 3/8 U .41 9.61 

200.00 8.60 ' 25 / 8/1983 S 

1979 XH 08 X DUELOP i m t «nP 91 3/4 ZS 0 O U-C 

300.00 905 15 / 1/1984 6 

1979 OTOCT TJEmOMHT ORP 89 1/2 13.48 10.34 

99.50 9 . 2 V 1 / 3 / 1984 . 

*1980 3 XKKC ■osmxm/at tost 83 3 /S ISM 11 . 3 ! 

100.00 9.50 13 / 1/1936 

1979 " «hb DmiOPJCEFT Cob 88 3/8 1505 b .03 

200.00 9.75 2 / 9/1984 

' isso szzutx bmowbt cud ‘ 90 ' 1 / 4 1303 14.13 

100.00 12.73 13 / 3/1987 

1980 BPOtZ ntULOPHEDtCUD" 98 -■ 15.35 1400 

100.00 14.00 13 / 3/1985 8 

‘ 1981 * EDOKT-DEvELDWEXT CQKP 95 7/8 13.73 150 H 

99.47 14.125 1 / 3/1988 S 

1980 PESOAL 808 IDHS 3 DEV K 92 - 1/2 1504 1304 
100.00 12-23 13 / 5 / 2983 . . 

1980 7 ZSSS 4 L KBIBSSS DCF'SE 917 / 815.17 13 . 33 , 
100.00 12.23 13 / 11 / 1985 ' 

1981 * EZOUAL lUBlibs BEV BE. 96 3/4 16.03 150 ? 

99.48 14.625 13 / 6 / 19 M 8 

1981 * TZDESAL BCSUBSS BET BE 101 3/8 1408 1504 
99.75 15.73 IV 6/1984 . 

1479 CESSX 4 E 79 3/8 14.73 12.60 

90-50 10 . 00 , 1 / 6/1989 15.13 

1981 * CSBStre • - • ! " 96 3/4 1500 15-23 

99.00 14.75 15 / 4/1991 . 15.48 

1981 * CSSCTA 2 cusp 103 3/8 16.63 16.93 

100.00 17.50 15 ^ 0 / 1989 - . 

1977 CBEiZ UHX 6 nPEK CO 88 19.91 9.94 

100.00 8.73 1 / 3/1984 17.30 

1976 SOS. taxes' 77 1 /Z 17.09 12.26 

100.50 9.30 1 / 7/1906 27.47 

1979 Hnusars EAT- 72 1/8 15.17 13.88 

101.00 10.00 U/ 2/1994 16.30 

1980 mmsars bit ' eo 1304 1408 

101.00 11-30 19 / 6 / 1)90 

1980 IBH CA S AflA 913/6 13 . 61 - 11.46 

100.00 10.30 1 / 7/1989 

1981 * MASCO ‘ 97 i/S 16 . 11 - 15.90 

99.30 15.30 13 / 1/1989 


79 3 /B 14.73 12 .‘ 6 ft 79 
15.13 . 

" 96 3/4 1500 15.23 35 

15.48 14 w 

• 1)23 3/8 16.63 16.93 US 

Off - 13-91 9.94 100 

17.50 

77 1 /Z 17.09 12.26 79 

27.47 

72 1/8 13.17 13.88 100 

16.50 

' 80 15041408 150 

'91 3/6 13 . 61 - 11.46 300 
97 . i/S 16 . 11 - X 5 - 9 a 129 


1979 THinalif- on tm 
99.61 9.75 13 / 9/2009 S 


63 1/4 16.16 16.01 100 
' 1601 

.... S 3 3 /B 15.86 ■ 9 . M 250 

100.00 105 15 / 12/1984 . . 

1977 IBCO .. ' . 68 15.17 13.24 150 

100.00 9.00 . 15 / 12 / 1)92 

1976 ISC C 4 D 4 K 45 TDUSC 2 - 97 3/4 18.16 9 .TO' 75 

100.00 9.00 1 / 5/2962 , 

1976 258 CAD 40 IAD P 1 DUEK 78 7/8 16.79 12.04 200 

100.00 9.50 1 /. 3 /LM 6 

1977 HAOfUIAH BLOOTEL 69 15.23 13-04 200 

100.00 9.00 11 2/1992 16.07 

1 975 HAOtTlIAD DIOBDEL 69 . 15.27 13.41 230 

99.23 9.23 13 / 3/1993 16.10 

1976 HOTTOiA HnmO'EUCTtlE 611/8 16.30 15.71 SOB 

99.50 9-25 30 / 6/1001 5 

1974 HAimBA BXDU-CLICTIXC 59 1/2 1605 16.15 300 

99.75 9.23 13 / 6/2004 S 

1976 HlKTrOM.PBOVIBCB op 93 1/4 15.14 9.38 100 
100.00 8.75 13 / 4/1983 . 

1973 Hisrma.noviBcz op 89 1/2 13.40 1 X 14-150 
99.50 9.25 30 / 4 / 1985 . 16.65 

1979 mDimA-ItOTlBCZ or 77 - 3/8 1404 12-28 23 * 

99.00 9.50 19 / 3/1989 

1976 HASSET-FIBCDSOS NED D.T. SO - 2201 19.00 

100.00 9.50 1 / 6/1991 

1975 SlSSST-rmSt* DD N.T. 87 1/2 4703 11.14 

100.50 9.75 1 / 7/1962 


TS S 0 lLlHS-CISA= 4 T£CSnSEE 3 > 


1)70 HOSTEEftL.CS? OT 85 3/4 1 VI* 10.50 

100.00 9-00 1 / =/WO 21.12 

1)76 H* 71 EAL,cnT OF ft 5/0 J 3 -:« 9 . 7 * 

100.00 )■ a lil 2 /SMS 

1980 aism AL.cnx OF 76 l /2 17 .L& l).w 

100.00 10.15 15 / 7 / 1)87 

1975 (ESTEEM. D 83 AS CO« 882 61 5/8 18-91 38-43 

100 . CO I 00 TO I /IQ /2000 £ ’- 9.90 

• 1 W 1 * DAT M CAUDA 9 ) 1/8 15.58 15.38 

99.75 15.25 M 6/1584 

1 ) 81 * IAZ BH CAS 4 EA 1 B 0 ?/* !*•» 17.03 

10000 16.50 15 / 3/1988 S 16 -M 

1)76 deb Eatssna t-t-cos 9 * s/ a is-ii 9.51 

100 . DO 9.00 15 / 1 / 19)3 

1979 DIE EMSSWICE E.P.OOS 70 3/8 15 .S 15-85 
99 . 50 ' 9.75 1 / 3/1994 

1961 * SB? BSDSSnn E.P.CONS 94 5/8 16-77 16.48 
97 . 71 - 13.00 1 / 3/1991 S 

1901 * BED MUMJ ICS E.P.CUK i 0 i’ 5 /B 15.76 16-15 
99.50 17.00 1 / 1 D /1988 


1977 IS SKKSUX.PHW OF 
9900 8.00 15 / 7/1964 
1976 lb MESS 9 UX 0 BW OF 
100.73 8.75 1 / 6/1983 
1979 SB? BKBSaitXJ&OrilF 
99-32 10025 15 / 1/2004 


85 5/3 15.38 904 1 $ 
91 3/8 3308 90 S zoo 
65 3 / 415-32 15.99 300 


99-32 10.125 15 / 1/2004 S 

3981 * 387 . 18093030,7107 OF 94 16 * 64 16.31 

98.47 14.75 1 / 7/1991 S 

1976 - mmwi ADD t Ms'sngo a X 6 .d 220 * 250 
IDO . 00 9.75 IS/ 3/1986 

1961 * SBTTDtSDLAD S LAB HUSO 104 16 . 2 & 1609 2 » 

. 100.25 17.25 1 8 / 11/1989 

1916 HBOC annum HE tH 73 1501 12.33 

100.50 9.25 13 / 9/1988 

1971 SaSQBUMHIBa tr 84 . 23.87 10.12 
' 99-50 . 8.30 V 3/1986 28.35 

1977 mnun mo roes at 725 / 1150 * 12 . 3 ? 

' 100.50 9.00 13 / 2 / 1)89 

1977 SZSHnaUUB.ROnmr 38 5/6 16 . 69 16.17 
. 10 ( 7.00 9 . 12 S 1 / 9/2002 8 . 

1971 sBRoenun.nwxles <a 76 3/4 i*-u 120 s 

100.50 9 . 2 S 1 / 6 / 4990 - • 

1979 SEDn'KLASB.FUIRlCE OS 71 XSJtt 1408 
99.50 10.00 15 / 3/1994 

1976 gpaOBHWADD.P iWDKE OF fit 1/2 17 . 44 16.92 

200.00 10.00 1 / 8/2001 8 


23 . 87 10.12 
28.75 


1981 roirotanABD.JSOVisa or 89 . 360315.17 

99-00 1300 1 / 2/1990 1602 

i 98 i* HWKamuLAxo.piovrscr or 106 s /8 1504 1608 

100.00 L 705 1 / 10/1989 

19 * 1 * D 0 TAA 5 ALUEX 4 COEP 100 ’S/S 1608 26.15 
99.50 16 .ZS 7 / 1/1383 

1978 BOU. scam man " u z/s 16 . 59 1 M 7 ' 

99.00 9.625 1 / 6/2308 *. 1141 

1979 mu. seam ram- - 75 i/a u.u 12.96 

99.50 9.79 13 / 5/1989 16.71 

1970 DOTE SCDTIA-PtOVOEE OF 86 14 . R> 1007 

100.00 . 9.00 13 / 3/1983 10.92 

1980 BOFA {C 0 ZXA. 1 URKE OS 7 * 1 /S 13.52 13.76 

99.25 10.75 15 / 7/1990 T 604 

1911 * DOT*. saUDUPiasiBCE W S 3 1/2 15-90 15-71 

100.00 15.00 30 / 6 / 199 L 


. 9.00 13 / 3/1903 


1977 OSIAHID BTBFO ' 

100.50 8.00 15 / 4/1987 . 

1976 ORASIDiaXBO 
9900 8.25 27 / 5/1583 

1971 ONT A R IO HMO-mciHC 
100.80 8.23 15 / 1/1986 

1978 *■***»" ™n 

99.90 8 . SO 1 / 6/1989 

1976 i*w»w DXBU 
99-50 8.30 10 / 9/1986 

1976 «»TtPm B 3 DHO 

99.50 - 9.00 2 / 1/1903 

1981 * 09 X 4100 HSSO 
100 . 00 ' LX 50 26 / 2/1991 

1981 * OSUIO WTTMft 
100.00 16.00 28 / 8/1991 

1981 * UOAXIO *™n 
100.00 1400 19 / 11/1991 

1973 OBAIU.PtOTlDCE OF 
100.00 - 8.20 15 / 4/1982 S 

1979 QmUD.IROTIDCE 0 

100.00 8.40 13 / 11/1985 S 

1977 OBIMU.nonicB OF. ' 

100 . 00 - 8.79 5 / 1/2008 I 

1975 OCAtlO. J B UlDC e at ' 
9900 ' 9.125 15 / 6/2009 I 

1970 OBZUIO,TODTlBCt V 
100.00 9. 25 1 / 8/2000 S 

-1975 XKtixro.iEOvtacs or 
99-50 9.25 15 / 11/2005 X 

1978 UBBOi HUtt OF 

100.00 9.375 11 6/2008 I 

1978 CBZ 4 HIi 3 ,I»TOC 8 (T ^ 

99 - DO 9.375 30 / 11/2008 S 

1979 OBZAUO.ZIOUKS OF. 

99-25 9 - 75 . . 1 / . 3/2009 S 

1979 . omixiD.nwiDCE or 

99.50 : 9.879 20 I 9/2009 8 

1 ) 81 * BHXARID.TaOrDtCE <U 
99-00 16.00 5 / 11 / 199 L S 

1581 *- OPAHXO.tMTIDC T OF . 
B 904 17 .CKK 5 / 11/ 2011 S 

1975 OZUBirCAILm - • 

98.30 $.30 15 / 3/1990 


75 1 / 4 15.18 U 03 ICO 

92 5 /S 1405 8.91 7 S 

85 1/2 13.17 90 S Jan 
. 15.85 

12 7 /e 1508 10.26 13 

124 

78 7/8 1504 1008 ' 25 

93 3/8 1405 9.44 100 

a 1/2 1503 1508 50 

10 t 15.731504 75 

100 7/5 15.78 1506 135 
.1210 

975/81507 80 S '100 
80 2/8 15.78 10.66 ' 3 DO 
58 U 4 1505 15.59 60 

61 1506 X 5 0 Z '.ioa 
621/8 16.13 1504 AO 

61 3 / 4-1505 1504 SO 

62 1/2 13.76 15.56 50 

82 I/O 1505 3506 SO 
.63 5/4 1604 1508 SO 
65 1/1 1508 15 .IA 25 


AEtD.paurntCE tm -101 7 / 8 ^ 16 . 21 1602 

11.00 - 5 / 11 / 199 L * • ■ 

Auo.itnmct or . I 02 3/4 i 7 .x£ UJi 

17 . (HK 5 / 11/2011 S 
XBA-CAILXTT 2 J . . . 80 3/4 13.53 11.76 

9.30 15 / 3/1990 16.21 

L.HoaszniTR or to 3 /s 14 . 52 15.24 


D 76 .- mL.inasznLm or 
. 100.06 8.875 yu /1996 

1976 PQLTSAE 

10000 900 15 / 12/1986 


69 7/8 14*79 I 2 -» 

86 1/2 14.16 10.69 
17.46 

68 7 /S U -45 13 . 7 ? 


-5 

W.l»^.jrSFfS£ S 4 l/ 4 «;«. 9.79 « 

1971 QTCEEC HT 3 J 1 XLECBC J 5 S 77 I/» 75 *» H*®* 

1 M .00 8-50 15 / 11/1986 . IMA 

1)76 J 7 3 rt ts- 5418 .» 

100.90 8.30 JiJ!/lWS • • - ' 

w ?4 oaan: m*ML 8 Ct*ir 34 3 ft M M » 

98.50 l-SO *■ L^'- 

1976 oraic irmO-ELSKUe 53 in 174 S ii. 6 i SO 

100.00 8-60 15 / 9 / 20 H s . .... 

1)77 QCIBEC BOBO 69 7/6 14*79 12 - 8 * 

10003 9.00 1 / 6/(992 ' ' 

(970 OCEHE " 84 1Jl }?: 1 S 10,65 UJ 

99.50 9.25 1 / 10/1985 

1)78 QUEBEC 01790 W 7/6 1505 13.79 

M.S 0 9-50 1 / 7/1993 

1971 onsiEC HfflM - 69 5 / 8 - 1 7- 02 16.73 » 

99.00 9.75 . 1 / 8/2005 * J £ 

1)79 QSEBEC sUO 68 1/4 150 M 40 S SC 

9 MD 10.00 IS/. 3 / 1 99 ? . SS 

1)78 OBEBEC HTBio-nsemc «I 5/8 1706 X« 0 ? » 

99.75 10-00 . 1 W 7 /HM » . ■ -* ^ -J : 0 

1979 CUjlfiC ITDBO' 61 1/2 174 * 16 ift 56 - 

imloo lS .00 1 / 1/2009 S : -l'. 

1)79 QDEBtC HUSO 62 1/4 17*06 16*95 _ 

lOfl.ffO ^loTlSlS/ 6/2009 S. 2 *® 

1980 sandman • 63 1/4 17 . 23 17.13 » 

99.38 10.75 15 / 6/2010 * 

1)79 MSEC ESSO U 4 85 ■. 13 * 74 13*67 ® 

98.75 ^ 4 l -25 15 / 10 / 200 » 6 ■ .. 

1980 qoebec mao 77 . 1 / 8 . 1 **U 24 .lt 100 

100.00 11.50 13 / 6 / 1992 .' 

1980 ‘ Wry o; man . . 92 l/l 16 * 34 15 -W M® r 

MO 0 Q "uTm -y 2/1985 *, ... 

1980 mao 47 3/4 16*57 1402 200 

100.00 12-50 13 / 10/1987 * . _ ■ 

1981 QB 28 GC B 1 D 80 W BS 3/4 1 I 0 HWI » JJ. 

100-00 1300 1 / 2/1991 . . - - e ■■ 

•Hi «*»■ mo ■ " S 83 1 / 41600 15-52 15 


cs jbm^cahml /eggnam?' '_ f '' 


1981 * naatvtua onmvrhtxbtzmai ~ 

OB.CD 15.75 17 / 9 A 9847 ^ - :■ ? ■■ 

1 ) 81 *«|ADEAUSE nouns* . Mtf K 8, 1502 1304 

1 O 0 .M 140 ? i/s/iaft 

1980 Gnmnjm: ^ 

9). 30 13*50 l/ 8 /tf 8 T.-j 

iaj 7 SHSZnB»CIlT OF . • , I Kjyt 33.43 1048 
100 . 5 Q 8-29 ' 15 /WM 7 -' 5 'v 

. 1981 * s<B 0 nrK,COTbr m • w.sb'ifcM-'is* •-■ 
100*00 - 15-71 30 / 8 / 198 ® 

1981 * -azavxEK . dTT. nr - - • - ' 

2 V 0 O 17 - 00 . 13 /HW 9 W 
• * - tg wWK - cotagiA . 


1 B,^fB; 15 -» 3*44 • 


ao . . 1773 - coLOHiiA 0 KU 8 LJC -®r : .t» 

100 100.00 8 .Z 5 1 / ‘ 2 / 1)84 * ■ ' . 19 i» .... - 

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M 5 /XI 7 .B 16.73 
68 1/4 15084405 
«I 5/8 I 706 I 60 ? 

41 1/2 1708 16.92 3 fl‘_ . 


19 M WWW. 4 DHWB ®f ' 
94.50 SJO 8 / 4/1986 

1965 nntwBura®«fif- - 
99 . 00 , 6.00 . . is/ 6 / 1 * 43 ; 

2M7 WMAtt . triwbl.OF . V 
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1600 1502 , >9 ‘ 86 : ; ”*5 


96 i /2 1008 K 59 : • 

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s ^50 nTTO lJ/HJ/lfllft «• 

19 BP* QQ 8 BB ESHtO ' 100 - 176 14 . 17 - 16.21 

100.00 46.25 15 / 2 / 1984 .. ' - 

TO* 1 *.Q 6 Z 8 SC am ' ' . 99 - 2 / 2 1702 17.00 

99-75 16.25 15 / 7/1991 ft. . .. 

1981 * QQB 8 EC HBJBJ 3 . 104 I/O 16.32 16.37 

100-00 17 . 25 , 15 / 10/1991 

1)73 QUa 8 C.FHQFXBCE OF . *7 3 /A 16 ‘ 37 1 L .07 

99.00 7.50 15 / 1 / 198 * ■ , 19.07 

" 1976 OBMCJEWDicE op « I/« 1*02 905 

100 . 00 . -. 9.00 15 / 1/1985 , 

1976 CRHBC.f«OnacS OP 89 l/z 16.96 10.06 

20000 ^T 5 o 1 / 4 / 198 * 

1970 QBttEC.FBWXDCS or 86 1/6 T 4.85 10.(5 

100.00 . 9.00 1 / 3/1963 . 17.63 ' 

1977 QDZBC.PU>n>CC W 8 * 1/8 15.60 14.04 

99-00 *900 1/1111993 16 . 24 . 

1)74 (DmuX-PBOTlDCE OF 56 3/8 17.58 16.99 

100.00 9.20 15 / 4/2004 8 ■ 

1975 ' qmHK.FEOlIDCX UT- 60 5/4 17.38 16.93 

100 . 00 - f .873 15 /- 5/2000 .8 

1981 * QBB 8 C.BBOTX)SZ OF XS 3 96 1/2 1502 1508 
99.00 14.75 1 / 7/1986 

INI* Q 0 S 8 EC.PBWTDCE OF ■ ; 96 3/8 16071502 

200.00 15.25 15 / 12/1989 

1)75 Quebec na g mwiint 96 - 16 - d 9.90 
98.50 9 .M 15 / 9/1982 ■ ■ : - . 

1977 XBE 6 ZE lDDOSIRttS . 62 3/4 18 J 4 J 1404 

100.00 S .00 15 / 9/1989 

1981 * HJXAL <mv OF CADAB 6 97 5/8 14 . 7414*34 

200.00 18.00 22 / 3/1906 . 

1980 DOIU 68 E 130 90 1/8 15 . 12 X 208 

100.00 11-25 15 / 6/1985 

1976 .& 6 smcag 4 B,pnviacK or 79 1/8 Xs .37 11 -O 6 

201.00 8.75 . 1 / 9 / 1986 - 


12 . 7 C « 4 J . - 5 - 75 , W 4 /J 984 
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ii": 

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a’ U 6 ) c»nBu«'. rib; 


1979 iiEU Bwmao nn or so 1 / 2 x 6 . 0*1507 


1 . Si 3/4 2502 1102 


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1981 * S 6 SE 61 C 8 BnK.PEOPnCE OT 101 3/8 1306 1603 . '12 
200.25 16 . 25 , 15 / 11/1988 •' * - “ ‘ .-|J 

1981 * S 63 EA 3 XD 8 Bg.fMFlDCE 09 102 7/8 16.39 1505 25 

99.88 16.375 1 / 10/1991 0 -\ZO 0 

1976 - . . . 9 CZ /4 1504 ' 90 S, .'50 .. 

100.00 900 15 / 2/1983 

1901 * (amr-T. uOUk 1 X 0 ’ 100 7/8 2502 ' 1501 30 

99.75 . 15.73 13 / 9/1991 

1981 * mPBOtt-CUSS A flC.® 106 . 3/4 160216.77 20 
100.00 - 17 M - . 1 / 11/1900 ■■■ ■■. ■- - .• r 1 ?' 

1981 * ‘tmomHKHIIHICtl 1 AK 95 3/8 14.82 24.23 ' 25 

100.00 14.00 . 15 / 4/1986 , 

1981 * SaomHMBiinorigK . .99 3/8 15 . 1 ? 1509 - 

200.00 15-00 13/ 7/1986 

2981 * xtomro-oasaaim dike iod 2/4 icwis-xr loci' 

100.00 15.25 *15/ 9/1983 

' mi* nun,DBici»uii or . 94 i «05 lt-ta » 

100.00 IA.SO 15 / 6 / 1991 . S . 

1981 * TBDOK CWP . 99 1/2 12 . 58,1508 TOO. 

100 . 00 - 1300 15 / 6 / 1988 - - ■ „ • 

1984 *ZBABSCgU 6 PEPEUKS 99 5/8 16 . 03 X 606 X 00 

100.00 - 1600 1 / 12/1989 . i . 

1981 * TXABCAB 4 DA HPHLUO* 7 106 2/4 lC 0 f'li .71 U» 

200.00 17.73 1 / 101 / 1988 . 

19 U* HSBC. COD.- 98 IM 4 . 16 .CT 1 I» 

99.80 16.00 yo/ltOt'. 

1)76 «A 9 wwn.cmor *9 18 . 71 1208 » 

10000 6.75 30 / 9 / 198 ® _ . 

2981 * D 2 KAH BMJZH DDLKMBB W 203 1/4 U-X 8 14-98 20 
10000 15.75 U/ 9/1984 • %' 


B 5 3 /« • J2>7 « , !4 , 5 - 75 , 30 / 6/1984 .. 7 . 22.31 . . 

L 0 ai?« 46 V 1716 . 2 l 15 ' o 

M:i/?i 702 i 7 .ro »- ■ iw-OTnfAaa.eKT®^,^ ?-a 

M-VZI 70 Z 17 .» 7 5 14 £ 4 /|M 7 V W . .. - 3007 J 

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” “ 3.4 - 99.50 3,71 W 0 /J- 984 . v S 3 - 5 . - , / 

86 1/4 T 6 .U 10.45 15 ..“ ilH OTOU 3 X aiibn ! '» 1/4 -906 80 

11^43 “ 50 200 . 98 - ;T 9-75 1 / 7 / 1*84 , I 2 .J 9 

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96 3/8 2607 1502 35 ■' 1977 ob OMStt auWWI«Wtt».' 96 80 £ 

* 1 DQ-DQ '. 4 .U is/ 7 / 1 * 82 ’ . . . „Y L . .. 

96 • 16.41 9.90 * 3 ~y 19 ?L OStlt rMO/m mffT G;» - 

• - 99 i», -' 9 . 0 %' .J 5 / 3/1985 ■ , . 

* •* “*««* - -X. v *> V - 583 ; 

90 1/8 15 . 12 X 208 »• ' ; ^jSoa» mbunff/-' . ■**'.: .' 3 W* . ^ 4 * 

79 1/8 15.37 11-86 .12 ■ " t 9 « 6 ' HSTClb^HgE W^snaK -bitil " 9-04 60 S 

. ■ 20 -.- ; jrs-?o. ^ 50 iq Li/^S/INA . E -; - .. 1109 

£0 1 / 2 X 8.88 1507 12 - l ltfiA HtDCtCADE BAK OF OntAiC 94 7/8 7 . 7 ) 6.59 . 

14-24 ffcSi: »» jty 1 A 9 M-.-.-,. . • - • »,a • • 

LU 3/8 150 * 1603 12 ' ..'''-HWtftwitt MB OF BE 8 MAttlb 3/4 3809 60 L 
. ;-|?b- ' 97.00 . 405 . . 28 / 2 / 1982 -;,^: ; 

02 7/8 16 .M 1605 25 - ‘ -1972 DDEriaCE BAg W OTWbE 46 7 flFIL-» U-ZL 

.-.XO-O 47.50 7.50 1 / 1 / 19 ) 1 .. : I 701 

9 ('I /4 1504 ' 90 S '30 . * ' I 4 JS bUpUK Mtt OF DOKOX 33 J /4 IM 2 S-S 0 
* • ' ' 9800 ' , , 9 -DO • 1 / . 4 / 1985 . ' . 

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95 1/4 1 * 02 ' 905 - JJ 4 

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B 6 1/6 7605 10.43 15 .. 

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16:24 . 1 .® 

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1 197 B •' TULIDD.'KnmUC OF . . : ".92 3 ft 15 . 65 - 9-70 
9900 - .- 8 . 73 . .. 13 / 6/1983 0 

•. xxbiDD.bmLic or ' «s - 37 a xs .98 1348 

l '" 98,33 .- 8.75 L 5 ab/ 19 a x , 1 ) 03 . 

' uts ■ jmADBOHHikiier b ®4 l/i i 5 iM 1201 
, . 99 , 6 S J F- .900 . 15 /’ 5/1988 S i__. * i;. ; . 

' 1979 - PnLADD.lbwUCflF '. ' 80 3/4 1643 11.78 ' 
, . 99,50 * - -900 15 / 3 / 1*88 ' . i- r > ' 

1979 7 ZOUD jbnuc b: T- -'-23 Zft 1 * 02 X 305 .' 
■ 1000 a i 425 . l/. 7 /im’ ft / ", . ;V"-. 

■ ' mf* Vbi/JtD,EEPmTC of. .' 95 i/rZ 609 1602 . 

100.00 24-75 13 / 11/1906 S : 

• 1)77 EMO-OMXXrC . 881 / 8.1600 90 « 

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PTDDTSE EXPORT CUDIT 84 7 /B 1606 12-37 100 


mm pnansB eeporz cbfdtt 

200.00 1000 ll 7/1985 

XM 1 * PXDKZSH EXPORT CREDIT 
99.00 14.75 1 / 12/1986 

1972 FXDBKH DW 1 C 1 ML LOAD 

99.50 8 .TO 15 / 3/1917 

197 * . runs d mxxcim uua 
M -00 8.75 1 / 2 / 1989 - 

1971 nn.tr regT.CTTT OF 

99 - 30 8-75 15 / 11 / 198 * 6 

1972 Hffl KTCB BARK OF TTBLABD 

100.50 ' 8.00 15 / 12/1987 

1)77 XDC 5 T THUD OF flKLAU . 

IOO. DO 8.25 19 / 9/1187 ' 

1976 nmosT pun of tuomo 

100.00 9.00 18 / 9 / 19)4 

1971 lOUCACE BARE OF TOURD 
N.OO 8.50 19 / 2/1986 5 

1976 mkrsACE have or yx tub 

10000 S .25 1 / 4/1983 

1971 P 88 BKA « 

98.30 8.75 1 /IZ/ 19 B 6 

1976 varumms. or 

300.00 . 9.00 . 1 / 11/1999 
1978 . 1)0 POBEH 

100.00 8 . 87 S ■ 1 / 3/1986 
TO DOLLARS- TRA NCE 

1975 . AID FBAHCE _ 

99.50 9.50 18 / 2/1982 

1976 I.P.C.E. 

1 ( 10.00 8.75 15 / 2 / 1)83 

100 - 00 15 / 7 / 198 S S 

1973 B 4 -C-I- 

100.00 9.00 26 / 3/1982 

1974 I.F.C.E. , 

99-75 9-00 15 / 3/1589 


1981 * B.F.C.E. 


16.00 15 / 11/1906 


1981 * B.F.C.E. 


100.00 16 -DO 15 / 11/1986 

1977 B.R-P- 

100.00 7.625 IS/ 7 / 1 M 2 

297 * C.C.C.I. ... 87 ? 

100.00 10-25 15 / 11/1982 ' 

. 1981 * C 40 -F. 884(33 

' 99.63 16.75 19 /J 1/1996 

1971 CHERTS LAP ARSE _ 

98 - 30 8.73 2 V. 3 A 986 ' 

1976 COS’ BAT SO RHONE 

49-50 8.75 20 / 10/1966 

1)75 CUP HAT DO uon 880 

99 - 75 10.00 1 / Z/ 1982 , 

197 ) CHESIT UUPSAL 
99.00 8.30 13 / 12/1986 

1980 cam IT SArXDRAL . . XI 

200.00 13-75 1 / 1/1986 

1970 BJLA.P. 

99.50 900 15 / ^1982 

JS 75 , 500 -P. . . . 

99-50 9.15 13 / 11 / 19*5 

1971 axcnaciiE oe isakb 

99.00 8.30 1 / 5/1986 

1977 ELECTS ICITE DC FU 8 CK 

99-75 8.50 1 / 6/1987 S 

1)76 CL 8 CTSICITB OK FBABCE . 

200.00 8.875 Uri/DSI ft 

1)76 ECECTSICHE 08 FRARCE.’ . 

200.00 8 .M IS/ 9/1586 S 
1979 ftucrucrzE os prarce 

100.00 9-625 IS/ 4/1986 

1900 ZUCRICHl DG TIAPCR 
100 . DO 10.00 1 / 7/1988 

. 1980 mmiCTTE OE TEAKS 
100.00 11.25 15 / 3/1910 

J 98 I* KLZCTBICHE IS FRANCE 

95.25 1 3.00 15 / 6/1984 

1981 ELECTS! CUE OB PBAHCE 

100.00 13-00 15 / 1/1988 

1977 ZLF ACtniAIHE 

100.00 8. 25 15 / A/MBS 

1965 FBA 8 CAISE DES pmOLES 

98.25 6.00 > 5 / 10/1985 

1976 6 .X. 6 . „ .. ‘ 

99.75 9.25 15 / 4 / 1 S 8 S 

1970 GAZ m FSAHG 2 _ ‘ 
99.50 9.00 15 / . 3/1985 

1981 SAZ OT T 84 HCB „ „ 
100.00 13.50 15 / X/ 19 BG 

1901 * UKABCE CO PFET 

99.00 1500 15 / 6/1339 S 

1)71 LERKEtt. _ , 

100 .ro 9 .M 15 / 5/1986 . 

1 ) 7 * XASSElLUE.Cm OF 881 

98.00 10.25 19 / 12/1986 

1*73 mCHELK , , 

' 9800 7.50 15 / 2 / 190 ) 

li 7 fi HxejnLiK 
100.30 ?-» 15 / 3/1965 

1976 lOCHELU! O'SEAS 
99 . TO B-SO 15 / ?/W 3 ^ 

1476 SZCBZLLt 0 ‘ 5 US 
99-23 • 9.25 15 / 9/1983 

197 ) HCHELlrr 
99.15 10.00 17 / 8/1994 

3475 HinOlULE OF L'ESEHGTB 
98-75 S >25 30 / 4/1905 


94 1 /Z 16.44 15.61 30 

500 

79 1/2 1 «.U 10.38 75 
17.69 

74 3/4 14-77 11 . 7 * 30 
16.66 50.0 

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13 . 1 * 500 

7 $ 1/8 K -37 10.63 -85 
. 16.58 

76 7/8 14-50 10.73 -TO 
19.07 

FU/tf 12.89 9.82 50 
L 3..04 • 30 

87 13.11 10.01 ao 

16.87 - j 0 .o 
' 94 1/8 14 . 9 ) 9.83 . 75 
■ 17-99 750 

86 1/2 13.63 10.12 } 0 Q 

14.34 

89 3/4 16.07 10.03 - 75 

16.34 

73 1/4 15.90 12.12 - 50 
50.0 
100 

99 3/8 ZI.E 4 . 9-56 125 

97 3 /B 32-17 6 .S 5 :25 
8.6 

95 14 . 21 . 9.21 40 

19.55 . 40.0 

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X 0 

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’ 100 3 ft 15.73 15.90 100 


93 1/2 1607 10.73 SO 

102 1/2 16.26 16.34 75 
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82 3 ft lS.fifl 11.60 -23 
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BAXIDBALE SB L'EHERCIS 84 16.25 13.18 


1481 RAXIDBALE SB L'EXEBCtS 84 16.25 15.18 

100.00 12 . 75 ' 30 / 1/1991 

1976 haUDCALE DBS AUTO P 81 1/2 14.83 10.43 
100.00 8.58 15 / 11/1986 17.35 

1)76 FAT?"** 1 * nes ABTOEO 0 BS 80 5/8 15.49 11 . 1 * 
100.00 900 1 / 5 / 1)86 

1977 - KA 110 RALE SEE AOTOBOOffiS' 63 15.61 14.53 

99.75 9.125 15 / 3/1997 S 17.99 

1976 • SAI 2 MALE 0 £S" AHTOEOTIEE’ • 73 3/4 14.45 12.54 
100-00 - 9 . 4 J- 9 / 9 /INI. . 17.38 

1980 lAXlfflHLE-DEB ADTOEOOTZ 3 81 1/2 16.18 15.64 
100.00 -- 12.75 1 /. 5 /L 993 

"INI* HAJIOUU; 8 ES AirrofiCUTES 93 7/8 16.33 16-25 
100-00 - 15. 25 13 / 6 / 1)96 

1967 ; RAIBWLBSSS TZU&M 93 1/2 16 . 45 7.22 
99.00 - 6.75 1 / 11 / 4 Ml 

1)71 sAXtOEALE BBS tTlJ 13 »t 75 16 . 9 * 10.67 

N -00 0.00 1 / 3/1906 S 4 .M 

1)77 1 A 3 XOULE SES TELECOMt 69 1/8 13.34 11-93 
99-30 8.23 1 / 10/1989 17.37 

1)76 HAXI 0 B 4 LE SES TELECUR 89 1/4 1 S .73 10.19 
100.00 8.873 15 / 1 / 198 * 8 

1976 8 AXZ 0 R 4 LS 0 E 5 mccrat 65 7 ft 15.38 13.66 
99-30 900 • 15 / 5 / 1)93 

1976 BAITOSAIS SES TELECOMt 65 5/8 15.76 14.67 
100.00 9.30 1 / 12/1996 S ' 18.23 

J 979 KAZIOHALR SES TELECOCt 81 5/8 15.54 11 .- 64 ' 
99 - 7 S 9 - SO . 15 /. 6/1986 

1980 XAnouLE MS IEUOW 78 5/8 18.44 14.65 
99 - 7 S 11. 125 ll 6/1990 8 

1910 PECBOer - 80 1/8 26 . 29 11.23 

9900 900 . 13 / 12 / 13 ® 19.68 

1976 - PODS AOTOSCNES . 72 1*01 12.50 

99.00 9.00 15 / 11/1991 17.32 

1967 UBAOIT 95 17.63 7 -U 

97.00 6-75 U 8/1982 

1976 RHONE -POULENC V 91 15.(5 9.62 

100-00 8-75 U 9 / 198 3 

1967 S.H.C.T. 76 1/4 16.11 8.52 

98.50 6.30 15 / 6 A 985 . 23.13 

1977 8 .I.C.F- 84 1/2 15.27 9.76 

100.00 8 . 25 - 15 / 12/1984 

1976 S 0 -C-F. 93 7 /B 14.99 9-54 

99 . 2 S 8 . 7 S 10 / 4/1983 S 


91 7 /B 16.33 16-25 

931/2 16. 45 7.22 

75 16 . 9 * 10.67 

SA .66 

69 1/8 13.34 11-93 
17.37 

■89 1/4 15.75 10.19 

65 7/8 15.58 13.66 

65 5/8 15.76 14.67 
18.23 

81 5/8 15.54 11 - 64 ' 
78 5/8 16.44 14.65 
001/9 16.78 11.23 



19.68 


72 

14.51 12 .X 

17.52 

95 

17.63 

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15-45 

9.62 

76 1/4 16.11 

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1977 B.B.C.P. , , ... 

99-50 9.00 1 / 12/1992 S 

1980 ■ s.s.v.r. - ' 

100-00 ■ 12 * 3 » - 15 / 3 / 19 ® 

1981 * 80 -C.F. -■ . 

100.00 1300 IS/ 2/1991 

1990 S 0 .C.F. . •• - 

100.00 13.73 30 / 4/1987 

1973 E 0 . 7 -A- _ . 

100.00 10.00 Z 711 / 198 S 

1567 SIHCA • ' ' . 

970 0 7.00 X 5 / 12 /XS 82 . 

• ; ! HB SOLUBS 0 I»gT 


. 23.13 

84 1/2 15.27 9.76 

93 7 /B 14.99 9-34 

69 1/8 15.34 1304 
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16.34 . 

93 5/8 1506 14.69 

83 1/4 16.21 1201 
16.77 

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BASrovnzEE . ' » 

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SATO Xtft 719 _ ■ 988 XP 
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•won Tire PIS 1 

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ipmam p 

l 8.50 1 / 4/1983 

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t . 7.30 1/10A9B4 

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siects rarairra ■ 

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rnsswen mm- r 
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us sauAHs-ctncs 


V 97 1 ft 1903 7 . 7 * 

! S 7 ? 12.34 9.42 

D 7 68 1/4 24.84 10.63 
I 86 1/2 14.95 807 

r 83 l/S 1300 10.23 
W 97 5.15 4.64 

sr 70 1/8 1208 6.42 

73 1/8 16.81 10.60 

28.00 

-v. 83 .’ 15.71 9.00 

BO 75 12.92 9.25 

ir 63 3/4 14.58 10.27 

89 374 12.50 10.83 
J 4 . 4 ) 

S 881/2 12.10 8.76 
15.40 

74 13.22 1007 


1 ? 7 ? 'POllC POKK CORPONXmi 8 F 1/4 16-45 1 C.Q 3 
99.30 8.25 13 / 12/1984 20.26 

05 BOLLAHS 0 OSC B»C 


1973 -EWCKIK 1 MB , 3 ® 68 

100.00 7.75 1 / 10 /im 

1 9 7 1 - JAHDIHE UIBESOK LET. 3? 7® 
1000 0 7.75 15711/1986 

TO MLLABS-HWC48T 

1172 BAX BA« OF BDSQHT *H 7 ? 9 l 
100.00 8-50 1 / 11/1987 

125 DOLLAHE-teEUm ' 


1502 1100 
18-53 

17.46 11.07 
22.69 


10.72 Silt 


1972 ICZUHD.KEP 03 LIC OF 
99.50 . 6.00 1 / 1/1987 

1971 ICBiAHD. REPUBLIC OF 
9900 V 8.73 15 f 1 /IN 6 

1977 2 CtU 5 D. MPD 1 LIE OF 
99.50 9 00 15 / J /1987 


76 7/3 14 . 87 10.41 
19.05 

81 1/2 15.31 10.74 
18.79 

771/2 15-79 il-SL 
17-39 


86 5/6 14.661008 18 ^ 33*50 KEL ^ C 4 l £floS 6 ? " 53 3/4 17-17 7 ^° 


U MOOCH/ 
nrnpoNUAiugnT 


VS U0LURS - IHA3 

1974 IU 4 KDISC DENT HIRE 
99.00 9-TO 5 / 2/1981 

TO DOLLABS-IB ELAND 

1971 IRZLASD.RnCBLIC OP 
97.50 8.25 15 / 2 / 1)19 8 

1970 IRELAND, REPOHLXC OP 

99.00 9-00 1 / 3 / 19 ® S 

1981 nnASn.REPCHLIC 0 ) 

100.00 . 12.73 U 2/1988 

1 ) 81 * I8EURD . . 

99.73 16-50 1 M/ 191 S 

: TO oouars-israel 

19S7 ISRAEL DO ) SOT BAW - 

96.00 7.00 28 / 11/1382 S 

TO S O HAAS- HALT 

1)70 ALTA lOfEO 

97.00 7.75 15 / A / I955 E 

IS45 CAS 5 A PEI ll ME220C TORSO 
97.50 6.00 1 / 3/1985 5 

DAB CASSA PER IL HMOGTOEBO 
99.TO 4.75 1 / 10/1983 S 

1969 CASSA . PER ZL KEZZOCXORSO 
970 0 6.75 U 7/1984 S 

1)69 CBHI . C05 . 0rm HJBBLTCHE 

95.00 7. JO U 1/1990 S 



i§ P 

— 2 1 i- 




ts MH 141 S-J 4 UR { 00 AUAULU 3 


73 44.96 1203 25 

90 . 17 . 23. 0 

30 
30.0 

77 1/4 11.77 10.56 ao 
17.19 

86 11.38 1 0.49 30 

lb . 83 , 14.0 

. 65 1/2 16.76 l*. 9 l 30 

99 16.70 16.67 25 


1979 OUSRT LEAUK (CADET 
99.75 9.50 1 / 7 / 196 * 

1960 ORIENT LEASTNC (CAE)NF 
100 . QQ 12.00 1 / A /1985 

1977 SBOTCnO HEART IpD 

99.25 7.75 15 / 1/1984 

1)77 TOUT INDUSTRIES 

99.25 7.75 15 M 0 /IN 4 S 

1977 TWO HDRA UISRA 

99 . 2 5 7.73 1 / 1/1992 

1)77 T.S. LIRE (CATNAP) 

99.25 7.75 15 / 3/1984 

US DOUAlS-UBEKBOfBS 


80 1/2 130111.80 150 
18-72 

89 5/1 16. 18 13.39 100 
17.*7 

88 15.27 801 230 

881/4 13.44 10 F 125 ; 
17.91 ' 

97 1/2 21:42 7.95 

87 15-13 8.91 150 

20.52 

150 


OS DO LLARS HIBgTwftuiiai) 
ROUVr.HBEDCM OF. 97 lift 


: . 1 b'Taiibs -fiawc c. '*;■ 


1977 SOBVir.SIXGDM OF • 

100.00 7 075 1 / 2 / 1)82 8 

•1977 wwA^paam °f . .' 

99-55 700 IV 6 /DS 2 'j 

1978 maRAX.ItnEBOK tw - 

' 99-30 7.875 1 / 5 / 1 N 3 - . - 

1978 mmjx.smaoi or ' 

99-63 8 . 139 . 15 / 1/1983 * 

1978 SDnAT.EaGOCH OF . 

3 00 -DO 8.23 1 / 4 / 1983 . , 

1978 HtnBAT.RWCIKU 0 T 
99.60 8.75 ll 7/1983 8 

1)79 SORNAX.KENOWf OF - * •; 
100.25 9.50 1 /. 5/1984 . 


JTlft- ; , T. 7 A 20 ; . 
. '• " 40 ' 

.97 Sft t 4 .ll- M 3 7 50 

“ 50 ' 

arsft i «08 80 S •: 

3 * 1/2 14.97 8 . 7 * .20 - 

.• • • . ". MJ&J' 

.93 1/4 14.86 ' 80 S a" - 


9 ?!ai !v / ? xSii 

• BE pQUaja-AlKAPt^E : •'»,-'••• 

1)72 SnO«*i.G 0 V«Ig*b: . 80 m I 1 .H 9 . 6 S 

100.00 - , 7 . 1 s . . 1 /U/IS |7 . - - 15-69 . - . 

1976 JMOm.Jmriup'~; • ,.*s , 14.25 90 S 

» 03 _ f 90 ® '.. 15 / 8/1983 ; • ... ... 

ntf-DOflARt-SOBTH AFRICA, 


Quit ur-.-S 77 : I 6 ii 2 * 701 

17 . 2 / 19 ® 2609 . . 


1970 EBEL . , 

96.00 7.50 1 / 3 / 19 H 5 8 

1967 B.X. I. 

97.50 6.30 1 / 1/1982 S 

1967 CJbX> 

98 - 00 6.50 1 /. 6/1987 S 

1968 E.H.T. 

99.00 6.75 1 /U/ 1 N 8 S 

. 1968 L 0 .I. 

98.00 6.75 1 / 6 /DU S 

197 * U.X. 

98.15 7.00 13 / 1/1988 

1971 rzojrnz nauo stato 

100.00 . 9 ./S u 2/1906 

1970 nasrocs ro 

97.00 7.75 1 / 1/1903 8 

1967 OUVCTTX OTERRAJIDSIL ' 

98.50 6.73 1 / 1 0/1 981 S 

3977 ouvrrn ixtohatidral 

99.50 9-23 1 / b /1984 

1970 OLIVETTI OTERUXTOML 

99 - 10 9.50 11 / 11/1995 

7971 amm nrttBaArrowL 
99.25 ■ 9.71 31 / 5/1986 

1970 S.F.T.E. 

97.00 7.75 1 / 5/1985 8 

997 7 S-F-t-L. 

100.00 9.25 15 / 7/1983 

Dll najs.cirror 
loc .00 9.00 1 / 5/1591 

TO D 0 LL 4 M-JAPAN 

1977 -SAfiK OF IOK 10 (CinurAOJ 
100.00 7.425 1 / 5/1984 

"1973 CDMC 40 TtKTO R 0 U) 19 C 
980 D 8.625 1 /L^lNB 

1)78 DAI 1 CU CHDOfCAWAM 

99.00 8.50 " 13 / 1/1985 

1977 SEMAHIERKZ RDCTD R.C 
99-00 7.75 . 1 / 10/1982 

1977 * XX 21 CBI SHIRK! LO r«C 
99.25 7,75 15 / 2/1984 

1976 mm sauBoiLunts 

99.50 8.50 U 3 / 19 U 

1975 XnaST-BHHWU. 

100.80 9.25 15 / 4/1982 

1977 Z 8 HXkHAniU 0 ABlIU 

100.00 7.75 IS/ 4/1982 

1977 C UOa l CO (BE) TSTL 
99.00 8.125 1 / 12/1984 

INI* JAP AH AniTOIS 

99.50 15.21 30 / 11/1918 

1177 KUSU OVEBSIAStCUlAEADj 

100.00 7 .STO 15 / 5 /UB 2 

1975 BAlBBENt COEP 

99.25 9.75 If 3/1982 

1982 * raSDEIOHZ CUB! tSD LO 

100.00 11 . 00 . 31 / 1/1987 

IN^'IOXGSBISBI CSBf BD 3 ® 

200.00 11.00 31 / 1/1987 

197 * SnsUlISHI EATON 

98.50 9.00 1 / 4 / 198 ) 

1)76 KTTSCI TOC S SKIP 
W .30 8.75 1 / 9/1983 

1)77 XHSUI PrnOCBDUCAL TSD 

2 00-00 8.00 1 / 4 /L 9 B 4 

1977 aOL IRTEBUTIOSAL 
? 9 .a 7-;5 1 / 8/1984 

1977 HIPPOS FCP 05 A.V BMC 
99 .ro 7-75 15 / 6 / 19 B 2 

1)77 HIPPOS M 15 IBC 

99.50 7-75 ll 6/1912 

1)77 HIPPOS TEL 6 TIL 

208 .no 7 . 6,3 1 / 3 / 19 B 2 S 

1977 HUM tsl 4 TIL 

100.00 r .73 U/ 8 / 1 JS 4 S 

1977 font TEL 4 m 

99-75 8 - 1 Z 5 1 / 3/1987 5 

1976 OSUUT LEA 31 *J fCAKISY 

99.75 8.25 15 / 13/1983 

1 977 (bust izisire (c*Eimr 

99.75 6.25 1 / 12 / 13 U 


92 1/2 270 * 

7 . 71 ' 

20 

1*77 S. 7 -Z- USBODDBC ‘ 


92 1/2 19.38 8 . 11.-250 

397 ) 


4.0 

100.00 7 .X 

11 / 10/1982 




9 ). SO 



30 

1)79 S.F.S. LUXBWKBC 


92 i /2 1 T .*3 9-73 

15 

1977 




100.00 ).D 0 

15 / 2/1983 



13.0 

100.00 

83 I*. OB 

906 


TO DOU-AKS-HmCO 



10 ' 

ima; 

CO. 94 



1 — 111 I— 




- 8 -Z 

99.00 

80 3/4 14.31 

707 

25 

1967 KSEXCO.inS STATES OF 


96 5/8 25.54 7.38 

15 

1972 

22.27 


l.D 

99.00 7.00 

15 / A / 1962 

* 

1 

4.0 

98-00 

86 1/4 17.15 

7.98 

40 

1 ) 72 . MEXICO ,019 STATES OF 


■1 1/4 14.17 10.74 

15 - 

■ 1971 • 

20.67 


30.4 

100.00 t .50 

15 / 3 / 1 N 7 

S 

18 . 0 ) 

6.0 

100.00 

85 3/8 14.17 

8.06 

30 

1973 MEXICO. FED STATES «F 


66 ' - 16-21 13.70 

X 

1978 

19-02 


a.i 

100.09 8.71 

lift 2/ 1991 

I 

18.00 

44.0 

190.00 

71 7 /B 13 .B 0 10.71 

■lo 

1)77 Etaca.m STATU OF 


96 3/4 23.81 9-32 

75 

1980 

17.44 



ZOO. 00 9.00 

11 5 / 1 M 2 

S 


75.0 

100 .M 

82 3/4 15.17 

9-27 

so 

1)76 KBacO.UTD 5 IATES-OF . 

L. 

70 16 . 46 14.03 

50 

1 ) 7 ) 

21 . U 



100.00 9.30 

1 / 3/1991 

S 



99-25 

99 5 ft 

6.83 

75 

J 975 JBXTCD.riP 5 WTES DF 

•t 

72 37.05 14-37 

? 

l» 4 ' - 


12.9 

100.00 10.00 

15 / 2/1990 

s 

21.56 

1.4 

99-00 

85 3/4 10.26 

7.72 

100 

1981 * MBUCO.tKD STATES OF 


91 3/4 17.90 17.02 

8 ' 

1)65 

11-57 



99-13 13.00 

1 / 6 / 1)88 

s 


2.1 

91.50 

931/2 8.17 

7.35 

20 

1)72 C.T.E. - 

unco 


77 7 /B 14-52 10.27 

15 

' 1967 

9-15 


1 D.Z 

97.50 8.00 

1 / 2/1987 


19.90 

1.0 

' 96-75 

93 1/2 8.24 

7.35 

75 

1)60 C-F.l. - 

Km co 


86 3/4 16.71 14 - 9 ? 

10 

1 ) 6 * 

9. 25 



M -75 13.00 

t/A 1/1987 


3 .?. 

99-50 

•9 3/4 15-03 10 . 04 " 

25 

1)77 7 UASJL - 

FIS A 10 C 


93 29-62 9.68 

20 . 

1972 

16.69 



99 .M 9.00 

1 / 11/1982 


- 

16.0 

99-25 

89 3 ft 12-26 

9.79 

29 

1)67 lACTOHAL TOAKIBB 4 


94 5/8 17.93 701 

20 

1)72 

14.81 


2.3 

96.75 7 - 25 . 

1 / 9/1982 

s 

2301 

260 

99.00 


Oat OT 92 1 /Z 15.32 9.68 

1 / 7/1983 8 

awe OF ' •: » 3/4 15 .U 10.58 
1 / 5/1984 . * > • 

COM OT. ■« 7 /® 15.20 10.88 

15 / 1 / 1 N 6 f 

DHXDAL . - * ' 73 i/l 13 .Z 7 -U .56 
13 / 1 /im 151*8 


1.50 13 /. 9 / 1)92 
uacEH.cixr of • 

- 5-50 15 / 10/1984 

incnr.cxxx of'. '. 

8.00 1 / 4719)7 

hwahh ’ 

8 . 75 ' it 2 / 1986 . 


86 1/4 14.06 9.19 
18.33 

94 1 ft 16.94 7.30 

89 3/4 1406 10.31 

90 1/2 12.78 10.50 

14.47 

80 7 /B 16.16 12.06 

93 3/4 10 . 3 8.44 

12.02 

93 14 - 7 ) 9.93 

15.55 

72 14.70 1200 

18.29 


35 3/4 130 3 80 ) 30 
46 .: 

73 1/4 75.15 11.77 20 
16.14 16.1 

81 3/4 16.81 1000 30 

9 * 7 ft 16.18 8.17 » 

30 . 

89 1/2 11-99 806 30 

19.81 3 «.' 

93 3/8 U.U 9.10 25 

15.1 

98 1/8 18.41 9-43 100 

98 7/8 13.06 704 100 

IDO.' 

85 1/2 14 - 7 ® 900 

99 3/8 15.31 15.31 20 

4 .. 

97 1809 7.86 15 

4 . 

99 21.29 3-85 100 

991 / 211.14 11.06 IDO 

841 / 415 . 7813-06 50 

75 1/2 14.74 11.92 40 
29 - 

901/8 16.16 9-71 25 

$7 11.45 9.20 20 

21.03 20 . 

84 S/B 15.55 9.16 20 

20 . 

96 3/6 18.07 8.04 25 

96 1/2 18.86 ' 8.03 25 

98 5/8 25.19 7 .U 50 

86 1/2 15.20 9.16 

77 1/4 15 - 14 ' iO- 7 ) 35 
7 . 

88 3/4 15.57 9 0 0 30 

ia -24 25 . 

®5 15.10 9.71 180 

16.14 


1)72 PETDOLHOS HBUCAETO 
100.00 8.50 II 9/1917 

1)77 rsnOLEOS 8 EELCAR 0 S 
100.00 9.00 1 / 7/1982 

1975 PE 1 EUU P 5 WU CAPOS 

98.00 10.25 15 / 4 / 19 B 2 

DID IftnOLEOS KBQCARM 

100.00 1100 ir 7 / 1)88 

1 ) 81 * TQMIKE TOBHC 4 IBW ’ I 
100.00 1 7 .X 1 / 11 / 1)86 

1)77 TEUTOaOC TO TOSCO SA. 
100.00 9-25 1 0 / 1 / 1)84 . 

TO-DOLLAItSHnmBUHK 

1977 ASET 

100 . 0 C 8.00 1 / 0/1997 

1)77 DOTCE STATE WHES 
100.00 9. 25 15 / 6 / 1)87 

1)76 mica 6 X 4 X 8 Kins 
100-00 8.75 - 1 / 8/1988 

1)77 5 I 5 T-M 0 CATOB WTL 
100-50 8.25 13 / 7/1985 

D 77 'battosale mtaumi 9 
100.00 6-00 20 / 4/1984 

1)76 HATX 0 N 6 LE USB TIN W : 

99.00 8.00 15 / 6/1965 - 

. 1)76 R 4 XSWLX VED 88 TO ZB 
91-00 8.00 15 / 6/1988 

1)76 PADDED E 0 WTH 6 I-T. ' 

100.00 9.00 - 13 / 2/1982 

1979 QKHEVFX H.T 

99.50 9.25 15 / 7/1987 

1980 cshefer'rv 

9900 ' 9.75 15 / 7/1990 

IB DOLLABB-HBI ZEALAHft 

1961 KB ZEALAND, COVT of 

97.50 3.75 1 / 7 / 198 S S 

1966 mi SALAB 8 .C 0 R OF 

96.00 . 6 00 15 / 3/1986 S 

1)77 TO ZEAUIB.Om OF 
99.46 7 -S 0 1 J/ 9/1984 S 

1)76 HER CEALAID.ttJFr OF 

100.25 8,25 1 / 12/1986 

1976 HH ZEALAND .CDTT OF 

100.00 8 00 15 / 6/1983 

1975 USB ZEAUUn.COVT OF 
91-10 9-23 15 / 8 / 1 N 2 

1977 ®Bf zBaUSD Mf TO COD 

100.00 7-71 15 / 5/1984 

197 B HOI ZEAIAHD DEV TO CtlEP 

99 . 2 5 8-125 1 / 6 / 1)63 

1978 no ZEALAND DEV TO COD 

9). 00 8.173 1 / 6 / 1)85 

1978 8 -Z. FOREST PMEOCTS 

100.00 500 - 15 / 5/1 986 

1)10 8 . 2 . TOREST PUDOCT? 
100.00 12.73 1 / 1 1 / 1 HB 

i )76 arnrou uhik eo 
100.00 8.25 15 / 12/1985 

03 DOLUES-Bcami 

1465 mkuai.eukdon DF 

98.25 5 .X 13 / 5/1984 

D 61 annur. tiscDaH nr 

98.00 3 .X 1 / 4/1985 ft 

X 97 ? aOJ&AT.OHataKCr 

100.25 703 131 5 / 1582 - 


81 13-53 100 ? 

16.26 . 

96 1/2 17.84 903 

57 3/4 2105 100 ? 

80 1/2 18-61 14-29 
16.84 

101 . 7 ft 16.82 17.10 
55 - 16.93 10 . 8 ® 


85 1/2 ll, 69 i 908 
14*23 

75 7 ft 15.07 10.87 

13.53 

76 3/4 K -46 U .40 

16.02 

85 2/4 13.81 90 S 
■ 17 .ni 

83 16.53 9.0 

1161/4 4 .M 608 . 
3 . 4 ? 

SO 3/8 1204 9.95 
14.95 

59 3/4 1401 9,02 

79 3/6 1408 1100 

76 Z /2 14.75 12.73 
13,76 


78 Z /2 15 . 28 . 7.66 
2207 - 


9.00 13 / 9 / 1986 - 

BPORTFIH 4 BS 

9.50 15 / 7 / 1 N 7 - 
5 FOKT 7 TS 4 NS • 

F 1.23 15 / 1/1987 

AP 7 LACSF CFPUXBHoUpr 
. 3.73 13 / 3 / 196 * 

AFTIAEET 0 FFL 4 XSSnlSI 
6-25 1 / 12/1985 

AmAccr oppuanmAFr 
600 1 /. 6 A 982 s 

icu idmkuuh ■ 1 
3 . 73 . . 15 / 4 / 1984 . 
■ess nwcauua 

7.50 1 / 2 / 1 N 7 
KES KOKTOHAlXltfC 

7.50 13 / 12/1990 
ICES' HDMB 8 U 34 RZ 

8.50 16 / 12 / 1991 . ; , 
KB nOORALMRE ' * 

8.30 16 / 5/1992 

ICES CTWOMEUTO 1 ’’ 
9.125 -U 4 / 19*8 S 


79 3 ft 15-18 C .91 - 2 E 
. 20 . 7 ) 3.2 

82 1/4 12 . 1 ) 3.73 ' 20 - 
16 . 7 ) - . 60 

88 5/8 12.53 9.87 JU''." 

14.90 110 

82 ' 140710.98 .30 j 
11.34 . • . 260 . 

1 81 1/2 14.60 U -66 : 

18.92 . 

88 Xft 14 . 7 ) i 2-77 ' 20 

JI 0 . 


: 1972 SOTBT*l 3 aC 4 .nP»ac Of , 

98 . 00 . .. 7.73 unymT 

H 72 ^irot tf ■ mx u.nPHWJC'b 
99.50 ■ ',. 8-00 '• 1 A 2 / 198 *. . 
1)72 AXXD.AnmCA 3 .taap . ... 
97.00 7-30 1 / 1/1987 ■ . 

' 1)67 A MBS DOS ibu • 
99 -X . • 6 , 38 .. y 6/1982 . 
1971 zscck • V " 

98 . 00 . H.sq ’ .x/isruH . 

.1974 JBCOK^v- • -.'SA'.-'l': r 

- 98 J 0 4.73 ' 1 / 3/1984 - 

1973 ISCBf . 1 . J .178 
. . 99.30 . 10 . 29 . 13 / 10 / 1983 , ; 
: pgpo^Att-ETAir ;^, 

' .'-1997 ADTWttat: -'J '? a!t . T 

99.50 . IrtO. ;-l/ 1 / 067 - 

XOO 0 O /^OO^Tl/lttAWFj r 

■ M 0 o "^^ 7 « *t y if hr-' 


,®7 1 / 2 XS .87 2108 

..,■-.,-. 18.27 . 

7 ft. -• 008 1003 
; •: . zo -33 . 

ii 3 fti*.»s.n 
. - 19.30 


84 7 ft -1207 lO.ttL 

'■ '" 130 ) . 

84 7 ft 1240 10 .S 0 
. •< 14.58 

WS aft 12.43 100 * 


99-50 9.125 - 1 / A/ 16 J 9 S S 

1979 EKB EOSHBALBAKt 
00.00 9.873 U 9 / 199 * S 


300.00 9.873 1/ 9/1991 S U.96 ” 123.11 

1977 SOUP IRE • -73 X/2 1404U08' JHl " 

M-75 8.M 13/ 3/19TO . '' 1608 

" i/ ji/i 9 w ■■ ^ zti* 0 -*'™:- 

i"**** i *-* : H : . 

1977 was: EURO . . S* 1 /Z 13 .Z 5 ' 8.35 13 a 

99.30 7075 1 / 12/1982 - ,U °r' 

1977 HOUR KOTO , - ' ‘ ifl 1/4 14 . 22 12.10 100 ‘ - 

99.30 - 8 .X '. 1 / 3/1992 16.31 - • . lOo.D 

1976 rase rate -71 7 ft 140912-32 jvj - 

99.50 9.00 is/ 9/1991 ■ . -■ 

». 0 O 9.23 15 / 1 / 1994 . .. - 16.07 . , ioa .0 

. s 3 ,“s.r« a ™ > « %&***«■■: 

•na.’-f.sr utnm ~ . 


I 

"' 88 1 / 4*1200 C -52 an' 1 / 

.' 21-13 , 4 -,-- 

78 2 ft 13 - 84 ' $:» ’ 

17 . 37 ', . . . " . 

71 . 3 / 413 . 03 . 1005 ' IOO 
13 . 8 Z . . . ' • 

74 5/8 13.14 ll.» 100 “.- 
13 . 06 ,, 790 . 

■■ 73 3/4 13.31 1101 100 >\ - 
" : 16 . 2 C ' - 

•• ■' 67 2 ft. i*,f* 14 . 08 . 300 : • ■ 
8 16.74 JOO.O . 

' 6 T 77 B J 50 L 13 -MC 123 ^ 7 . 
S - 16*96 123 . 0 - 

■ 73 3/2 14 0 *.li 0 ft- wk.;, 

■ luH . / 

■’ *7 - 1300 ' 10.63 ' inj ' - "' 
. •-/: . .. 

“■ 94 flft. 1800 : 7 . 4 #- ioo ; 

S* 1/2 13 , 25 ' 801 .130 t 

■ M i/ 4 - 24 : 22 12.10 100 
' 26.31 -. 100.0 

'■ 71 7 /B 1409 ; 12.32 ; 

■ ■ ■ 7 B:i /2 i 4 .ro'i 3 .u iod": " 
’ . . - 16.07 . . , 100.0 
<96 2/4 X*.aA.lt 0 I --jSi 4 ' ' ■ 
. 16 . 22 . 

. 88 'l'/il 4 .R* 11.02 200 '■ 
■ .-U.fi- 


« i/i 9.62 7.84 

:•- •• u.u .. ■ 

■ft®, iff 10.69 909 
r’.- ' “, 12.43 . 

-.- 7 «:’ , i r -iS. 24 -M.T 6 
1S,U ' 

7 ft : ” : 15 . 8 S -U.li 
, ' ; 19 .S 7 ' 

- 92 lft 1407 20^4 


asTi* mim'. ■ , ?• * ^ ;■ ' 7 ft '• i 5 .M -u:ia 
99 .ro • :®.ro . 30 / 1 2/1 NS , , 19.37 

‘‘j’S. ” 5 ^ - ;“£'*» w* 

* V B. KbHARS-EwOw® * r . •-? • : 

1977 ' BOobjCLNCDa! OF ' ‘ 96 3 / 41607 - 7 . 7 * 

99.00 nio IS/ 4/1 wz . .* - /*•- 

JITT: roroR.tDBMK.b-i,.'* ' 75 ifZ 1 3 . 20 - 10.93 
; **, b . -. 80s 13 / 6 / ub ,. j - 46 . ro .. 

. birr. ww L n ian'a .' ; "n tu I6.zru.90 

ft-tai. uni>i 9 ® 7 ' b. Tv , 
if ■mtnm.oKK/t-cr -. , 62 ' 7 ft tsM tus 
’ 99.73 _' 90 O v UAl/l» 97 . * - 1806 :' . : 

- i 9 ir niDnuaM 8 ar.oF - i«. 4 i 1508 - 

99 - 00 . ■ : 9 .» f - 1 / 6 / 19 N ® J, 1802 . 

bj/4itf06ii0» 

;«®^ I 50 yxi.-tt 1 

' • i« 9 « TOMB*minv»» nr "• J- 73 3 / 415*321207 


V »***?*«“? 

»S> JW . **r*».** 

4 Mfl iSH®Mt.« 3 «a» 0 P-. 2 *V 2 l 6 JPtflSjl 

- 990 %-,U. 37 J 13 / 6 /ajb-* L 740 .. 

• ijto . EttaBM ; » wta ;® , . ; 9fr ' ■ 13 . 79 X2 & 

■ M. 9 tP ,U ^625 lAWHttr fi . - - 


~.~ 951/4 16-06 . 7.21 lx ', 


21.37 

■ 8.4 

84 5 ft 15-30 - 9.08 

40 • 
25.6 

77 3/4 1502 10.61 

15 

3.0 

92 Sft 14.68 ^.18 

*15 

40 

96 Z /4 15.59 906 

23 

6.8 

H Sft 15 . 00 ' 2.95 
1700 . 

12 

3.8 

921/8 14.93 802 ' 
19-18 

iro 

100.0 

83 1 ft 15.12 19-08 
' 16.78 

1 ft 

7*4 

81 Sft 15.30 11-03 


85 i /2 16 .AL 14-91 

25 . 

80 1/4 15.36 10 . 2 ® 

30 

87 1202 C-tt 

19 . 90 . 

29 ' 

200 

84 3 ft 1104 60 Z 

13.71 


975 ft 14.67 M) 



jfl 

“ 

I 


1964 oao, air nr ' ■ • ■. 03 . 1/6 ir^s /f^o 33 

9801 s. 5 o 13 / 9/1984 tf 15 . 82 . ' am 

1963 OSLO.COTOP 865/81008 8.75 M 

98.75 3.75 1 / 6/1955 9 . , 12.91 lift 

K. “TO "vu/iroz . ™ m 1 ** >1.3 

,M 7 2- OS “* CIIT m ’ T si~' . 12*91 10-00 - 30 

100.00 9.00-,. 1/ 3/1*85 _- 15.72 '14.0 

” 7 * - 03 W r ClTT OP ' ' ' ' ^ '-‘ ft 3 / 81*01 11 - 30 . in 
100.50 9.00 1 / 3 / 198 * V.. .\- . . 18 * 05 - -. ;' 

19 W BJUAL-SOML . 82 3 /® 13 . 88 . 70 * *a„ 

91-25 . S- 7 S J|/ 1 I/ 1984 _ « > 18 . 27 . 32 ft 

1)65 BlJLDAL- 3 tILllAL ’ ' ' r '' 883 / 813.35 700 2 & .' 

98 -X 6.25 . 26 / 10/1985 *V 27 . 70 ' ' 


■-.Mt.ftf -U 025 1 AW 1 SR 6 , - - 

• WTtfJtaEiwjawaofo®^' . 7 «" 4 ft is 08 i 6 j® 

• - 99 . 61 , ^.lUfU : JilVi ^9 % ,' : 

^ Jfn®" : ia- 395 - IV • ■■'- - : . ' 

■- ivw 'a»mtEaKBta.o?. . n sJM tMtssoL 
- 9 f^l’ 15 - 23 :- 15 / 10 / 198 S . T, 

1978 ia uuofue • ; ; -'v, 7 S Z/ 61 CJH'lZ 0 t 

W8 » ta t .A -* 0S ; Si . vim - .. f lb « . 

: & 

.■'iMr’Tnnsrow*.- -■■■^ 97 ' 7 /MuM ^ 9 ® 


so/ in« 0 > SS 

a ia- 

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»“W%r w.; 

D5 Da LLAI5- PANAMA , ‘ 20 _ 


Wlftl 307 6 .»- 'lS- J 
XS . 9Z ' . _ . 00 


T. • , • . ' . KO 

1977 PANAMA, REPOS LIC OT - JOT * 1 1 /S 1908 10-14 X ' ' 

200.00 J;Z 3 l/U/ 1962 - r. - - ' . i 5: 0 

1 A 8 UU.WBBL 1 C OF 1 ST 92 I 7 . 8 S 10 - 3 J *W' i 

100.00 - 9 .M 13 / 3/1983 . ,.•[] 

tt DOUAlS-fAm R-C. 3 »' . 

S: 2 '^ Sft 

' ’* ' . ' " 

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Jrowwiw:./ r*v 3 / 6 1 S.W as»“ 

100.00 . 7:623 ’ 15 / Sft 982 ; • JVf-~ ' = -iV'" 

1977 -COTAREHEEH . ,‘ 241/2 ZS.Mrlftitt' ’ 

■ • 9900 - --V ■ .V- . 

; 7 . sstflsp ^ 

7 . Istt • KJTRnmi & CgK' its 

- xnjV cunis-V- " -Sw- ''-tiro -itt 8 ft - . 

log. cur __ r,jo> 13/ i/is^-.‘ .v - : 

- 197 T' C 8 IIB 8 .. V: -L . TO. i/if TB -M i in l* 

- 9 A.HL -». 7 S-. Af SfOV. -T*r?S»W? 

- 197 ® ' Eosma : -■ V-.v if - :• ' » i '/ 4iKb : ift : 

; 1966- UL BHSeOrT 73'l/2iC0O 

97 »». »-» U/ 0&85 k.r M 

-• .ill 7 !, yb fencMo>;% ’-j /; - 9 a. 1 tfzu .42 »b 

100.00/, ?0O.' 23/s/pb.- 

• 1977 t-K. iHiaft^ - ^ : 

- 400-30 99 XL.'. X 9 ' 4 /I 9 tt 

v 1970 ' 10 HHTOBnb . ' - 
. - 99 : 5 b 9 » 25 L * ' 1 / 12 / 198 ? ' 

- Mtaf w 

10000 --.. $/u 5 ty 


V - ’ * * „ > . ^ . x ' /. * 7 * - 1 * • 

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ini n> M dmud 
loo-w 9 -» oapii m . 
lffl WM H 8 N 0 - 
IOC. DO . . 9.30 IV 3/1913 
■im- oRunuon 

3 00. BO 15-13 - 1/12/19*7 


1*77 tUHWU 

ifr.» i.m iinnw 
im turnir . - ' 

58.50 . M» V 1/11*1 

»7C satbnc. " , ' ' 

100.30 9.30 13/ l/l«« 

ion SC iOAfJ 

100.25 7.30 13B2/1SW ' 

. 1191 trjwtii f • • 

iKri^Ss ivunm 

lin tuammu aonwi 
lOC^O I.M '1/ 12/199 1 
1*77 SO 

1M.M ft.® 15/ 1/1597 
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H.» *30- IVIV19M 


m m uBeaw .' ■ . . 

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brwwhi m 

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\ 19/6 nouBsau mk 

- 39-50 •• : CH .• 1/ 9/19*3 

i*72 mnagni ur 
100.00 0-73 15/ 1/1501 

i«7 ; ramoortf 
ICO. SO '■ 7.75 1/ 2/1*12 

1U1> nw i M nif r 

«.as 15.75 IV 1/15*7 

- • 1977- Biat Wil M.CITT OF 

- 100.00 1-ifi 13/ 2/1942 S 

itn sxocDour.cnr or - 

. 99.00 9.73 IV 3/199*' X 

mm mm uomuHCH 
99-00 , 9.25 V 3/1966 

r I9*r imsu IUMJUBBI 
-100.60 13.73 13/ 4/1 MS 

- 1976 8HESUB DEPOT CUBIT 4 

. 1QQ.OO 7.673 13/10/1983 S 

1975' subiss BPUU CUBIT 
JMO 9-00 .-'13/ 4/19*2 
1979 sroxu export ctnrr r 

- 300.00 . 9.30 'IV 4/1986 ■ 

1540 MH O) BO UHttI BOR . 
99.75 1^.00 * 1/10/1*13 

1900- SUED! SB BW CREDIT 
f. 99.30 .12.30-. 1/ S/1484 

19M «mm mai taaaxT 
100.00 13-00 13/ 1/1084 

1461* sazsisi Ecracr enury 

94.30 13-73 1/4/1486 

UBi w samSB art am iuoi 

100.00 16-30 14/11/1993 

1973 SBDUH DB Pa a i UK 
. lO'.OQ 7.90 IV 1/1988 
1972 m E HMHI I WE 

49.00 7.73 1/ 11/1987 

1976 ' ETDXNAFT 
100.00 . 9.23 13/ 9/1586 

1976 OBUlUWRr T 

■100.00 . 7-73 W2/1S83 S 

1977 B0nfc*4U«VU>n T 

100-00 7-73 lit 9/19 8* 

1972 90190 

100.30 .'.-JUOff 1/ 9/1987 
1977 mm 

100.00 8.00 1/ 3/19*7 

1979 VOL® 

99.90 9-30 V 3 /1903 

. B8 i^ — rtn TT^i iff i 

1977 fiat rat car 
100.00 8.00 It 8/1982 

1972 88189 AUBXRIDf JUST US 

98.30 -8.00 1/ 7/1907 


95 7/0 16.83 8.3* 


82-3/4 12.54 *.67 
13.80 


1977 TBB8ZDIU,BBmiC OF 97 3/8 1 3.79 8.2S 
99.89 7.873 11/ 6/1582 8 ' 

1977 9BB8X0EL6,UTCBLTC OF 84 3/8 1 7.37 9.*S 
99.50 6.00 *IV 2/196* 

1977 — CP 61 3/8 16.38 9.43 
99-73 8-125 13710/1984 S 

1977 VKNTTnri4.BEPnBLIC a IS l/4 16.09 13.86 
99.50 0.73 15/10/1992 .3 19.18 

1981* wmiu. inm-ff OF 96 7/8 16-61 16.43 
100.00, 15.623 1/ 3/1986 8 

. 1972 TC9UBZLA TEL 76 1/4 14.88 11.11 

100.00 - 8.95 13/12/1487 S 11.44 

•’Oft WJUJJMTB mtCDOl 


1178 limn KXKDOf 
100.00 8.50 1/ 5/1985 8 

197* O I XO) TOGO® 

99-00 8-879 1/ S/1993 8 

1973 AZZU49E XR TO 
100.00 . . .8.75 1/10/1984 

1971 inUIB n PDI . 
100.00 -94». 1/ 8/1486 


83 1/* 14.82 10.22 

70 3/8 1 4-73 1 3.01 
16.59 

78 1/8 13-97 11.20 
17.21 

86 1/2 13.11 10.40 
15.86 


50 

1971 

15-0 

100.00 

U 

1976 

50-0 

100.00 

25 

1976 

25.0 

1®.® 

U 

1975 


«' 15.30 11.42 

16.57 

81 3/8 15.85 11.17 
16.36 

6* 1/2 14.97 11.6) 
17.50 

73 3/8 19.14 11.73 

16-91 

67 7/8 15.57 13.26 
18.06 

74 3/4 13.69 10-70 

17.32 

75 1/2 17.31 12.59 

21.58 

n 3/6 14.94 9.53 
17.S4 

-77 1/2 14.66 11.29 
17.42 

. 48 1/2 7.97 

98 3/8 16.16 13.47 

69 1/f 15-45 1J.23 

18.47 

70 1/8 1 3.79 14.3* 

17.53 

81 V* 13.63 1103 

14.15 

. 89 1/2 16.33 13.34 

*4 - 12.18 0.55 

15.54 

*7 3/8 20.8? 9.22 

83 13.63 31.77 
19.24 

*4 1/2 1306 12.70 
91 1/8 16.08 13.70 
91 16.24 14. If 

49 1/2 13.83 15 J3 
101 1/2 16.17 16.26 

72 1/2 16.74 10.34 

18.70 

73 1/4 14.32 10.30 

18.15 

76 IPS 17.06 12.13 

20.93 

42 1/2 12-81 8.33 
16.02 

84 US 19.28 9.17 

16-66 

71 3/8 16.10 11-21 

19.97 

70 3/0 17.08 11-33 
84 1/2 16.23 11.26 


8.25 I /l 2/1916 
CUtS BANE 1R 

9-153 1/ a/ IMS 


1D0. DO 4.25 1/ 7/1982 

,1?77 1610699 0/8 18V 
100.00 8.30 15/ 9/1991 

1971 B8KB4N 1ST 
100.00 0.29 W 2/19B6 

1077 BOttTD COff 
100.00 9.25 15/ 3/19*7 

1978 nun oar 

.100.00 9.75 15/ 7/1486 


77 7/8 14-98 10-99 
11.72 

82 1/2 16.61 11.06 
It . « 

76 1/2 16.0* 11.43 
17-41 

96 7/8 17.06 9.35 

69 14.]] 12.32 

611/2 11.89 9.88 
16.59 

66 3/4 1 6-02 1 9.86 
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74 1/2 I6-S4 12-2* 


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ioua ru zh 64 i 


ES X-U45-CSIT4D starts (GORISEZDI 


1979 ROUND ru XU 

99-SO 9-30 IS/ 3/1491 

197} USD 1STQNAT1«UL. 
100.00 9.00 19/ i/I » 87 

1914 110 TUnfr-ZlJK xo 

99.50 6.75 1/ 5/1464 

1977 SELECT I US HB5T 
49.90 8.73 1/ 1/1989 

1971 SLDKH ESTATES 
*9.50 8.00 1/ 2/1988 

1471 SLOtfdl ESTATES 
48-50 8-JS 15/ 2/14B6 

II7J T0US 4 CITT 8EBE8UMI 
100-00 I.m IV 1/1988 

1470 TIBET BODSRi B80U7 XU 

100.00 7. PI 15/ 4/1919 


16 

9.6 

197! 

UI7XSB LA® 

73 1/2 15.H ID.® 

M 

1977 

WITID 1ISCU1TSIDEJ 

. 99,00 

6.® 1/11/1987 

10.77 

30.0 

99.® 

9.® 

IV 5/19® 

30 

19® 

99,1# 

nmsa area rn 

10.72 15/ 7/19® 

72 3/8 17.11 14.85 

M 

50J 

19® 

100-M 

03 FI SAUCE IV 

11.® 2V 7/1990 

69 

1077 

NNTT15N SEIftfllLDEBi, 

01 |7,|5 14.7) 

S3 

1073 

UNITES DOIflViat I»ET 

H.O 

100.00 

9,® 1/11/1992 

18.5a 

I9.D 

9fl.$0 

8.75 

1/17/19® 

SO 

1974 

UXXISE STEEL CAP 

76 1/8 14.25 11.33 

30 

1972 

vtuuoxe nmnuTiM 

-40-0 

Sf,® 

0.625 15/ 1/1969 

16.93 

12.0 

99.® 

. a. a 

1/ b/lHT 

30 

1972 

filMlINr 8WPPE3 0/8 

64 1/2 15.39 12.02 

25 

1972 

VXLLLUS 4 CLTH NIK 

H.O 

100,00 

7.75 15/I0/19M 

18.46 

,16.3 

100-50 

a. z3 

1/ 6/1987 


1973 CAPIXAL 6 C0WTXZS MOV 
96. M 9.00 1/11/1488 

1977 CHBBUf an, ** 

49.10 9-30 13/12/1987 

-- 29n cawpcm. man 

100.00 8.30 13/12/1986 

1970 amtum nr rut 

100. DO 9.00 1/ 2/1082 0 

1970 C08KTMMW 1ST TO 

98-DO 9.25 1/1D/1 985 

.1973 MBBUiCEn OF 
100.00 5-33 15/10/1961 

1067 BBC 

98.50 6.Z3- 15/11/1 981 

1977 an. TOUMX 0* 

100.00 9.y 15/ 4/1989 

>481* FiUKB ra nravnr or 

98.73 14.00 1/ 4/1986 

1972 VtSOS 

100.30 .8.23 1/ 7/1487 

1977 nm nr TO 
100.00 ' 8.73 1/ 0/1492 

1971 do. a. XWXBBUT10SAL 

100.00 8.30 1/ 3/1986 

1*74 6.0.0. XBTBUMT1084L 
100.00 9.30 5/ 4/1*89 

1973 GOLD *1X1X8 ( RUMBA) 

100.00 10-25 13/ 7/1985 

1072 GRAN# KETRBPOLTTAN BDXZL 

90.50 7.50 1 S/J 2/1987 

1920 GRAND 8RURUUX DOTH. 


5.A 

300.® 

1.23 

1/ 1/1986 

SB 

1971 

GUAM) TAR URAL B2EEJBBE 

20.4 

98-75 

8.® 

It 1/1997 

25 

1972 


1/1 0/1 987 

19.0 

100.30 

7.75 

24 

1970 

NAHiacs 


10.2 

iro.® 

9.» 

13/12/19® 

» 

1971 

Dll. 8AH0ZL C800P 

10-5 

100.00 

8.S0 

1VU/1986 

® 

1M7 

ISX LTD 



99.50 8.50- 13/ 3/1*82 

1971 XSI nr TO - 

100.00 7.30 1/ 2/1992 

1*77 1CX ZR TO 
100.00 0 .23 1/ 1/1987 

I960 XR TO »8w 

100.00 11.00 1/ V19I3 

1972 Kunaosr oacoa 

100.00 >.X3 15/ 5/1987 

1*73 MIL I GOTRAL A88CN 
100.00 7.623 1/ 2/198* 

19 H ions nr m 

100.00 12.00 13/ 7/190* 

1973 MIX ESTATES 4 PUP 

100.23 8-00 1/ 2/1*91 

1971 HR ESTATES 6 MO* 

100-00 8.73 1/12/1986 . 

1976 ™»»n R. TO 8EX91CN 

49.00 8.75 1/12/1986 

i*n mum an. ru service 

10O.SO 8.75 1/ 9/1992 

1972 BRUMAL 6 ORZRDLATS U 

100.30 7.75 15/11/1987 

1977 RATIONAL GOA MAD 

9*. DO 8-00 . 1/ 9/19*7 

1973 8A7I08AL COAL MAD 

59.00 8.625 15/10/198* 

■1976 raiotal um th uiu n 
100.00 9.00 1/ 7/19*6 

1170 BATUMI. BBSnO P TO BE 
100.00 9.00 15/ 6/1986 

1481 ■ BAXIOUL nmUBRIk mi 
100.00 14.75 13/12/1331 


74 IS.44I2.lt 
19.30 

79 3/8 1 6-50 13-90 
20.45 

77 VS 15.61 10-99 
18.73 

94 1/8 9.24 

*3 1/2 14.37 10.82 

16.43 

90 1/4 16.11 10.25 

11.56 

91 1/4 18.73 7.16 

68 1/2 17.16 13.50 

16.91 

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16.51 

71 7/8 J6.43 11.48 
20-86 

65 1/2 13-80 13.38 
' 17.3* 

77 1/4 16.58 I 1-00 

22.65 

76 1/2 13.05 12.42 
18.07 

08 1/4 15.82 11.18 
16.77 

75 3/8 11.84 9.95 

17.43 

47 5/8 11-50 10.56 
] 5.55 

73 1 5.12 10.96 
18.18 

69 7/8 16.23 11.09 

' 18.94 

15 3/8 13.43 10.12 

14.69 

76 1/2 15.82 11.11 

J9.81 

95 35.37 6.84 

74 1/8 12.10 10.12 

16.34 

77 3/8 15.07 10.66 

17. 38 

>5 19.21 11.58 

28 111 14.28 10.31 
17.68 

71 2/4 23.27 28-70 

19.43 

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63 1/2 15.89 12.60 
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03 1/2 11.60 10.4* 
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18.66 

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17.33 

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13.16 

82 14.82 10.98 : 

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ALEXANDER BNODI TO W 

82 

12-90 11.5* 

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1971 

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1971 

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1973 

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15 

1981 

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1977 

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b6 

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150 


99-50 

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to 

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97 3/8 18.40 7.70 

25 

1971 

NANE ORGANISATION 

11 1/2 IA.S5 10.74 

30 

15.0 

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114 

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1918 

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1979 

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20.51 

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. 1967 AHAT BOUtVCE 

99.00 6.15 It 6/1982 

1971 AM* ITT CAT (SB A.) 

98.00 8.73 1/ 4/1906 

1971 AKU XSI- CAT 

97. DO B.75 1/ 4/1988 

1972 AHBUM «SS ZR CAT EH 

99.80 6.75 1/ 7/1987 

IBS}* AMT6AB AXJU.IRS W 

100.00 IS. 23 1/ 4/1566 

1981* 8HEUC48 AXEL UKS XS 

100.00 15.23 1/ 4/1906 

1976 ANEUCAB ND7B85 COB? 

97.00 9.00 IV 1/1969 

1965 UBCD OH SUNS 
99.50 3.75 1/10/1985 S 

i960 Asanan-iosa nr ru 
99.50 11.25 It 6/1990 

mi* amntsu-Mma oJs cap 

99.50 16.50 1/11/1986 

298}* APS TOAJCT 

98.50 1 6.25 IV 7/1900 
1982* APS TO 

100. Da 16.25 1/ 2/19*9 

198}* APtcn a/S TO 
100.00 15.373 1/12/1986 

1981* APS FI > CO 
100.00 17.25 15/10/1986 

1972 imiBI OIL TO 
99.25 8.00 13/ 6/1987 

1962* ATLAR1C MCBFUU O/S 
25.73 0.00 4/ 2/1992 

- 1971 A9CO 0/3 CAP 
100.00 9-23 It 3/1985 

1979 AVCQ 0/S CAP 

100.00 10.25 15/ V1987 

. 1970 BEAniCE POOH 0/S 

109.00 7.75 1/ 5/1983 

1970 BEAmtCZ moos 0/S 

2 00. DO 9.00 15/ 3/1985 


64 | 7. PI 16.11 

19.25 

73 7/8 I6.Q6 11.86 

17.9/ 

■6 1/2 14.10 7.88 
19.81 

68 1/4 ]A.» 12.02 
17.79 

74 2/4 ji.59. 1D.70 

18.91 

f] 1/2 I4.*A in. 48 
IB. 65 

>6 1-23 ID. 32 

17.91 

K 1/4 15.09 *.4J 
23.96 

41 1/2 16.64 12.95 
17-81 

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17.56 

73 I/S 16.64 11-5* 
14.76 

77 5/8 14.52 1 0.63 
11.17 

76 3/8 l*-*4 20-AD 
17.36 


[973 CaaOt-lBATTB POOR 
99-50 ;.50 15/ 1/1991 

1179 CoSTtSEBIAL 53PCF 0/S 
I60.CO 9-425 7/ 7/1986 

■910 canzanu iuisok as 

1011.00 9.74 It :/19U 

: 96t* cm:umr AL m-noxs n 

41.15 16.75 7/ 9/1964 

1961* CBffMErtU. IUIMI5 SK 
99.73 1*.T5 7/ 9/1964 

>970 asTwrcAL on. isz 

90.00 9.50 It 7/1985 

I97| CORIUXIAl, HLEP80W 
130. CO 8.25 IV 2/1*86 


71 13.70 10.36 

14.09 

82 1/8 15.44 11.71 
•S 3/4 13.33 11.7* 

101 V* ls.92 14. 23 
98 7/8 15.18 14.9! - 
89 3/4 13.17 10.58 

83 3/4 12.09 9.62 

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mew 

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a SDUAits-mrm states (curiuudi 


<cn rn uc 

\ 16. a 13/ 9/1985 

ctf m ra 

> 74.23 75/ 9/2983 

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cop 6 vLSmm ncxunr 
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■ xi xouuMrm s tates 

i* MEinE gab 6 EUR 7XF IK V* H-® 33.61 


96 3/4 10.45 9.96 100 
87 14.13 11. a 330 


HAAS 0/5 CAP 

8.75 1/ 6/1986 


83 3 tf 3-95 10.45 
16.76 


1981* PACIFIC CAS 6,EUH T» 
*9-00 1*-® 1/8/1988 

1973 UCXHC JIORUS 0/9 IX* 
*0-50 8.00 29/ 4/1*88 

4961* FACine Licarnc i sr n * 
100.00 1SJ5 1/ 7/1989 

1900 raaua CAPITAL CO IK 
100.00 9-625 15/ 7/1987 

1*81* J-C.TOSFI CUMAL TO 
J8.50 0.® 17/ 2/19*9 

1978 J-c- pnsw p/s n* 

99.50 8-50 U B/19B3 

1980. 3-e- n»3S nr cap 
]».« 12-375 1/ 3/1*86 


30 

5.0 

1970 COBTlNESrAL TELEPBME 
00.70 I.® 1/ J/J982 

99 1/2 9.® 

30 

1981* KA 7IRA5CX 

90.50 15.50 - 1 5/1V10® 

95 3/8 17.11 16.56 

73 

19® J.C. PE5SET 0/S CAP 
100.® 13.50 1/ 5/1985 

20 

10.3 

1071 C018 DC 3T 

1®.® 1.50 IV 3/1 1B6 

87 3/4 i:.A5 9.(f 

25.® 

15 

B.7 

I*:: iiLzoN nr 

97.30 7,75 J/ll/1 ®» 

7ft 1/2 13.31. *.n 
16.26 

15 

7.0 

1*72 7W«*LT 0/S FIN 

97.50 a.® i/ ft/m/ 

» 

1081* CPC FIR 

im.® . 16.75 13/ 9/19® 

103 3/S 13.58 16 JO 

25 

1970 ROSFITAI. 0/3 CAT 

100.00 9.00 IV 9/1998 

« I/: 16.77,10.06 

25 

1970 PBSMALT 0/5 FU 

99.® 9.75 1/ 6/1*66 

50 

1961* owns 0 It P1URCE 
1®.® 15- Jfl ! 5/12/1991 

0O 1/8 17.47 I 7. DA 

!H 

1081* weuaaLD rn tftl 

i6o.ro ij-m wvim 

06 V* 16.® 15.11 

» 

1061* PEPSICO CAP 

67.25 0.00 !S/ 6/1984 

15 

10.0 

1972 araB-nlftm xni to 
99-08 1.® . 15/ 6/1987 

7* l/A X3.9* 10.22 
16.91 

2® 

!M X8H TOLD HUE 

IDO.® liJO 1/ 2/1918 

91 3/A 24.® 13,(2. 

100 

1081* PEPSICO CAP 

Zb.® a.® it U\99i 

20 

1S.3 

1972 HAIL nr 

M.M BJO U 3/1U7 

78 V* 14.13 X0-34L 
17-21 

1® 

1981* UK KKU TRADE 

IM.® 14-75 IV 6/l»M 

1® 5/8 14.30 14 J( 

IM 

1979 PEPSI® CAP 

I®.® 9-25 1/ 3/1904 


93 V* »■» 6.55 

H 12.60 1-M 

14.47 

M 12.60 9-94 

14.48 

a 73 ll.il 9-00 

18. 09 

W 91 1/2 48.27 18.67 

n 91 1/2 18.27 16.67 


1981* MIX BOHR nOBDeZS XR in 3/4 13.U 13.46 
99.30 15.73 It 9/1*16 

1976 MB OB70E6L 0/8- CAP 76 3/4 13.03 10-42 
X00.M 8- JO 15/12/1986 

1973 MB CBEKZC4L D/3 CAP 71 7/8 14.73 13-33 
99-00 9-625 1/ VI 994 13.5* 

1971 DOB C80IX8E O/S C4P 83 3/8 13-06 9.96 

99.00 ’ft. 50 IV 6/1986 16.32 

1982* umn ot* ur. u i/z ia-sb o^so 

33.90 0.00 11/ 2/1990 

IfBA* K FOR 0/S CAPITAL 97 3/8 15.05 14.85 

100.00 14.30 1/12/1988 

1981 EATON TtEAKE 17 1/2-18-38 13-14 

100.00 43.M 15/ 1/1989 


60 

im* INK mm? TRASK 

100.® 14.75 30 1 7/19® 

1® 9/S 14.42 14.® - 

20 

15 

J 

• 1910 X.M. nr 

1M-00 9.50 It lAW S 

64 

70.63 15.39 
24.® 

15 

9.0 

35 

1977 ic snoins rn cut 

100.® 8.75 lit 6/1H7 

7* 

17.06 12.15 

30 

35 

1971 IC nuaSXSIES rn con 
100.® 9.® 15/ 4 /IMS 

A2 

16.63 10.01 ' 

» 

3D 

50.0 

19® neroaiL-DARp nr ru 
ISO.® 15.25 15/10/1*95 

83 1/4 16.54 33.92 
16-67 

±5 

2.3 

IS 

1066 UT BARVRSm O/S 

A) 

n.U 11.62 

» 


100-00 5.00 V 4/1986 

1980 IK BAK8STU 0/S 


70 16.57 12-84 

50 

1*71 

ts® on to _ 

87 1/2 12.® 

9.14 

IS 

19® 

UT 6Z4SIARD ELECTRIC 

19.56 

21.0 

97.® 

8.® . IV 3/1084 

14-34 


... 

97- » 

6.® 

1/ 3/1986 

79 13.56 7.41 

50 

1971 

ESSO 0/S TO 

*6 1/4 12.39 

9.50 

33 

1967 

LET STANDARD ELECTRIC 

16- >9 

27.6 

iro.® 

8.® 15/11/1984 

13.40 


8.1 

99.® 

6.® 

15/ 5/1997 

11 1/4 13.36 11.® 

20 

5.0 

1970 

1W.M 

ESSO 0/8 TO 

9.® 13/ 9/1985 

» 3/6 12.65 1D.D3 
13.96 

25 

6.2 

1971 

100.® 

nt STANDARD ELECTRIC 
R.25 1/ 2/1986 

2® i/8 15.85 16-12 

10 

7.0 

1972 

100.® 

FIRST FSIBVTINAXXA JVT 
7.625 15/11/1984 

82 1/4 IS.® 
19-43 

9.27 

30 

6.0 

1970 

100-M 

nr STAND*® T3FCTR1C 
9.® 1/ 4/1985 


34.95 

33.92 22.37 

13.15 7.74 
19.10 

10.60 7.11 

14. « 

12.99 9-61 
16.19 

13.45 10.U 
13.68 


iiBi* pxno-Lixij (on-innu 

100.00 9.® 1/ 5/1986 

1971. P« II. IP HOXUS 1ST CAP 
98.30 *O0 • U d/1986 

197* PORLANB 6HSSAL ELBE 

59.00 10.00 1/3/1986 

1980 P0ULUB CTR8A1. ELEC «* 

IOCl DO IX. 75 1/ 5/1987 

1967 PMCT0U 6 CARLE 1ST 

99.00 6-50 IV 9/1982 

1*84* MO MT TO Tf 6 IV 
08.38 17.00 15/ 8/1986 

1977 E.J.HE1MUB 0TO5CAS 

100.00 7.50 18/11/1982 

1972 RA45T0B FIB ISA O/S P1B 

98.00 7.50 15/ 2/1987 

1981* KA 0/S PIN 8V 4 W 

100.00 1 5.M IV 1/1987 

1978 ULXASCE TBA8SUUAI HUT 

100.00 6.25 15/ 2/1988 

1978 ULXANCB TBAB80BBTIBBR 
100.00 1.JS 15/ 2/1985 


75 1/2 14.17 10.60 

t#>84 

100 13.68 15.7ft 

78 7/8 13.60 18.20 

18 3/8 14.97 OlOO 
9L 3/8 ISvH. 9-JO 
91 15.3ft 13.60 

97 3/8 14.39 1J.8J 

79 3/4 13-61 10.03 

26.40 

88 3/ft 13.A5 11.® 

71 1/4 19-13 ft.® 

25 1/2 14.62. 0.00 

90 1/2 14.ft3.10.22 

*7 1/1 9.72- *.23 

85 1/4 13.14 *.*? 
15.65 

88 1/2 16.99-11.30 

93 16.79 13.88 

94 1/8 16.92 6.91 

97 5/8 17.69 17.41 

94 1/4 13.54 7.96 

79 1/2 13-38 9.43 
16.97 

94 7/B 17.10 16.31 


83 1/2 13.34 8.48 
15.19 


1® 1/8 14.14 16.23 

150 

- 19® no CREDIT O/B rn 98 1/8 15.28 14 J9 

90.50 14-625 1/1 2/4983 

2$ 

11.5 

1071 

im.® 

IR STANDARD EL8C7RTC 
9-00 1/10/10® 

85 1/8 1 3.45 10.57 
15.34 

1® 

10® 

97.79 

REPSTERLO/S FU 

11-50 l( 7/10® 

SO 16.74 14.38 

00 l/A 16.44 16.27 

ISO 

1981* POND CREDIT 0/S TO 99 7/8 14.04 16.® 

LM.W 14-00 . 15/ 2/1944 

33 

28.0 

1077 

in.® 

X.U. OVERSEAS TO 
. 8.75 1 r 7/1987 

72 1/8 16.® 12.13 
I7.A3 

20 

6.5 

1970 

99.74 

8.75 15/12/1585 

87 1/4 13.1310.03 
13.34 

99 l/A 15.56-1509 

ISO 

1981* >00 CUBIT 0/S.Ftt 99 7/8 15.93 16.02 . 

13 

1976 

lin orvlmEs o/s 

88 1/2 16.57 10.17 

30 

1976 

SANTA FB nr FIS 

81 15.68 11.73 

100.® 14.® 1/ Iflll) 

23.0 

LOO. 00 

0-DO 15/12/1983 

16,76 

22-2 

1OT.30 

9. SO 13/ 7/1*86 

15.99 

103 5/B 16.01 16.45 

250 

11® MRS OVERSEAS FINANCE NT 88 3/8 17.47 14.29 
100.® 12.423 13/ 5/1085 

25 

1971 

1®.® 

ltZL FIKAJCE 

9.75 1/ 4/1988 

4! 1/2 32.22 22-« 

20 

9.9 

. J971 

SCOTT PAPER 0/8 

8.73 11 7/19(6 

85 1/8 13. M 10.2* 
15.® 


80 13.42 10.00 

17.25 

36 l/A 14.29 0.00 
80 1/2 17.99 11.49 


1962* laaPlClAL 0/3 P1B UP 
32.70 0.00 lOt 7/1990 

1979 BENEFICIAL 0/5 FINANCE 
1 00-00 9.73 15/ 7/1987 

1972 BLUE BELL XR TO 

99.00 7.79 13/10/1987 

1972 lUUKTOB 0 IS CAP _ 

98.00 7.73 1/ 4/I9R 

1972 CAM 1 EX IR 

99.00 8.00 13/ 4/1987 

1979 CASTE* HA1AJT o/s TO 

100. Q0 9.73 1/ 7/1986 

1942* CATEanLLAB TO SEX9 

24.00 0.00 11/ 8/1911 

1981* CATEIPXL1A* PIS SOT 

100.00 16.50 1/11/1986 

19(7 CZLAUSE IR PIN 

98.00 6.73 1/ 7/19*2 

1969 CSXSLK* 0/S CAT 

97.00 7.00 11/ 2/1984 

i9n* ancoip o/s to » 
66.73 0.® 16/ 6/1984 

1981* CRICOa 0/5 PIN ■ X 
M.P3 0.M, 18/ 8/J904 

1982* cniasr o/s pdi 
66.50 0.00 11/ 2/198S 

19® cmcw 0 IS TO 

100-00 1 0.00 1/ 7/19*6 

1980 cmcw o/s ru 

99-30 12.® 13/10/1967 

1911* CXT10DBP 0/8 FIN 
99.® 15.® 1/ B/1986 

1911* C1TIC0NP o/s ru 
100-00 IS. SO IV 6/1984 
1981* CITICORP 0/8 rU 
1 00.00 16.75 13/10/1986 

1981* CITIES SO TICE 0/S TO 
1 00-00 17.® 13/ 9/1988 

1977 CRT IN VES T DC TO * 
100. TO B-7S It 3/1984 

1971 coboco amrniKE 
-99.23 8.00 13/ 2/1986 


90 |/4 12.14 9.97 1® 
14.42 

30 1/4 16.05 0.® 30 

76 3/4 14.47 12.70 3® 

77 3/4 13.31 9-97 1® 

17.34 

78 1/4 13.90 9.® 2® 

17.79 

76 1/8 14.69 10.51 1® 
17.07 

80 3/8 16.23 12.L3 1® 
24 7/6 14.12 0.® 1® 


*6 I/S 14.66 7.02 

76 L/4 22.76 9.18 
31-69 

74 1/2 12.22 0.® 
70 1/4 14.43 0.® 
64 1/4 13.70 0.® 


89 1/8 14.91 13.46 

3* 3/4 IS.® 15.04 

1 02 1/8 1 4.26 13.18 

101 3/8 13.61 16.20 

10) 1/4 16.® 16.46 

82 3/4 18.73 1*0.57 

84 3/8 13.23 9.48 
16.67 


1/ 6/1987 
LE 0/S 


78 1/2 14.23 10.51 
17.® 

78 1/2 14.28 10.31 


98.00 

8.25 15/ 5/1987 


17.73 


100.00 

in) eta 
too.® 

DUL OJCTRIC o/s 

4.23 1/12/19® 8 

74 

13-50 5-83 
14.40 

1 ® 

1970 

99.50 

1971 on 

BAL MIUS TO 

B4. 

12.57 9.70 

20 

1971 

98.75 

a.® 1/ 3/1914 

14.10 

11.6 

1 M.M 

1979 cm 
IM.® 

unwin AcoRANCft 
9-35 It 7/19M 

81 Vft IS.® 11.33 

13 

A.S 

1975 

99-30 


1971 enaiAL HOTttS 0/8 TO 
98.90 8-73 15/ 8/1*86 

19® etmAL MOOTS 0/3 -TO 
3*. 75 11.® U 4/1986 

19® 0BNEB4L MOOTS 0/8 TO 
*9-88 11.75 15/10/198? 

1982* QMC 0/9 rn 
25.25 0.® 3/ 2/1992 

197* OOC 0/S TO 
IOO.® 11.00 15/12/1984 

is® auco/tra 

99.75 12.® 1/10/1987 

1981 CUC 0/S TO 
100.00 12-873 1/ 2/19® 

19 ® aue o/s to ' 

100.00 . 13.379 1 9/ 4/130 
. 1981* MAC Oft TO , 
loa.oa 14.75 1/ 7/1987 

1981* CKA C 0/S TO 
99.75 L6.5Q 1/11/1984 

19® COOOTIAX 0/8 TO 
in.® 12.30 - 1/ 6/1987 

.1*73. COULD XR 


14.41 10^9 
13-46 

13-95 12-09 


31 1/2 12.23 0.00 

30 

1991* 

100.® 

92 14.56 11.96 

30 

1947 


2.0 

99. 50 

87 15.56 13.79 

30 

1977 


30 . 0 

99.50 

89 1/4 15.77 14.43 

so 

1981* 

99.50 

94 7/8 IS.® 14.10 

50 

1991* 

9B.SO 

95 7/8 13.86 13.38 

23 

1973 


18.0 

99. M 

101 3/8 15.74 16.28 

70 

1991* 

100.® 

8? 1/6 16.18 14.33 

so 

19® 

iro.® 

91 3/4 14-79 10.63 

20 

1969 


1978 1TEL FINANCE IR 

100.00 9.73 1/10/1990 

1979 1XEL MAKE IR 

99-00 10.® U 5/1993 

1979 ITT ANTILLES 

100.00 9.® 1/ 5/19*9 

1979 EBNEUm DSTTWUT TONAL 
99-50 9.50 15/ 6/1986 

1971 ISanLTiClAEC IR. IS. 

too. DO 9.® 15/ 4/1966 

1973 HAW0TT VS 
99-30 9.15 13/ 6/1 M2 

19® MCCBAB-EDI8CB DR TO XV 
99.73 13.® 1/ 3/1983 

1968 nn, OIL IR PIN 

98.® 7.® 15/ 8/1986 S 

1970 BEBSA1RO Ut 

*8.® 8.73 13/ 5/1963 

1*81* NOR ASA 70888 XR TO 
JOB.® 13.375 13/12/1987 

1967 NABISCO nr TO 

98. ® 6.® I/I0/19U 

1977 NAXCHAS IR COBP 

99. ® 8.00 1/10/1984 

1981* Minus 0/8 TO 
».® 15.75 10/ 7/19® 

1981* RACA8A M0SAHE PU 
M.M 17.® 13/ 9/1989 

1972 MNtn AMEX NOCXBZU. 0/S 

99.50 6.25 1/ 5/1987 

1981* nn ns iasa r s r 

100.® ll.a 1 3/ 10/1988 

19® mmsT no rn *v 
100.00 13.623 1/ 3/1987 

1969 OCCIDENTAL 0/8 CAT 


67 1/7 37.83 22-94 
42 1/2 27.17 24.71 


82 1/8 11.35 11.57 

85 1/4 1 3.26 9.97 
16.15 

97 18.® 10.05 


81 13.02 8.83 

16.38 ' 

■8 3/4 13.13 9.® 
- 15.20 

98 3/4 13.68 15.57 


86 1/8 14.® 9.29 
18.® 

I® 7/8 15.37 15.61 

1® 1/2 16.10 16.43 

7* 1/4 14.07 10.41 
17.2* 

104 1/8 16.13 16.57 
91 3/4 16.® 14.® 
.89 1/4 1 3.76 8.40 


18.8 

99.15 

9.75 

IV 6/19R3 

16.96 

B.0 

98.® 

7.50 

)/ 3/1984- 

16.69 

37.3 

50 

1979 

GOGLD m TO 

87 1/2 15.® IX. 1A 

50 

1971 

OCCIDENTAL TFT TO 

91 19.63 9.34 

73 

50.0 

IM.® 

9.73 

1/ 3/1985 

17.06 


99.® 

8.50 

15/ 1/1983 



13 

1971 

anLm. nr 

67 S/I 19-63 12.94 

40 

1977 

OCCIDENTAL 0/8 TO 

76 3/4 15.81-11.60 

75 

7.5 

97.® 

8.75 

13/12/1966 

24.87 


j®.n 

*.75 

1/ 2/1987 



13 

1971 

ert 1ST . 


12 7/9 13.28 9-93 

75 

1978 

OCCUDRAL TNT TO 

71 1/2 17.91 11.31 

73 

6.1 

90-M 

8.25 

13/11/1986 

15.97 


99.® 

8.873 

1/ 6/1 985 



50 

1979 

era to 


90 I/I 15.34 10.54 

25 

1970 

OOCUOSIAL 0/S CAP 

94 1/4 23.73 9-41 

75 


99.25 

9.50 

1/ 3/1984 


5-0 

too.® 

9,25 

15/ 3/1 982 



55 

1979 

CTE TO 

1/ 7/1989 

76 5/S 15.17 12.72 

TO 

1976 

OOCOTSUL 0/8 FIN 

91 1/4 17.03 10.(8 

20 

53.0 

1M.0D 

9.75 

16.57 


in.® 

9.75 

!/ 7/1983 


10.0 

50 

1981 

CTE TO 

SB 

94 1/2 15.71 14.55 

SO 

1979 

OCCIDENTAL UT TO 

84 1/2 17.U 11.83 

50 


1®.® 

13.73 

15/ 1/1986 


99.25 

10.23 

1/ 6/198* 



SO 

1911 

CTE TO 

a 

94 3/4 15.61 14.51 

75 

1981" 

OHIO EDISON TO 

103 5/8 16.50 16.89- 

30 


i®.ra 

13.75 

IV 1/19(6 


99.75 

17.30 

15/10/1988' 



so 

19® 

CTE TO 


IS 7/8 14.88 14.36 

20 

1971 

ORDB-caums toeklaS 

84 1 3.97 10.71 

40 


100.® 

13.75 

■It 5/1987 

11.0 

1M.D0 

9.® 

1/ 8/1966 

. 16-66 ' 

' 23-7 


1981* CTE TO 

im.00 15.625 15/ 6/19® 


1981* PACIFIC CAS 4 EUC FIB 
100.M 13.73 13/ 1/1919 


1982* SEANS 0/S PU 
24.72 0-00 18/ 7/1092 

1919 SEANS 0/5 FIN 
99.® 9.® 15/ 2/1982 

1977 SUM UTL SECS 
100.00 8.73 ' 1/ 4/1982 

1981* SOOTS CALIFORNIA ED150H 
96.® 14-00 1/ 4/1987 

1981* EOCTH CALXP0M1A EDISON 
99.25 14.75 1/ 7/1988 

1981* soon CALIFORNIA EDISON 
100.® 16.75 13/1 L/1986 

. 1973 STANDARD OIL OF INDIANA 
100.00 8.375 1/12/19® 

1973 ST43BA1D OIL OF INDIANA 
’ 97.M 8.® IS t 8/19® 

1977 SBKOntASS PIN 1ST 
99.50 8.73 1/ 6/1987 

1976 SDNDSnAKD TO IR 

99.® 9.73 13/ 2/1983 

1972 STB DM O/S CAP 

96.00 8.00 1/ 3/1987 

1*66 TELEBT9E 1ST XH 

IDO. 00 6.® 1/10/19*3 

1*72 T i mm m 
M.M 7.75 1/11/1987 

1977 TE8KEC0 UTL 

98.30 7.75 15/ S/1M7 

1081* I2MEU0 nr 
99.® 17.00 1/10/1989 

1981* TEXAS EASTERS TO 
100.® 15.875 15/12/19® 

1972 ie ri oh nr 

100.25 7.75 1/10/1987 

1990 TRAXLtt TRAIN FINANCE 
90.® 13.25 1/1 1/1992 

1981* TMNSAMniCA FIN C0BP DB 
53-73 0.00 22/12/19® 

198L* TEABI4NEEICA TO COB? ZB 

53.75 0.00 22/12/19® 

1081* Mmict TO DORP 

72.00 7.® 31 0/19® 

1981* TRABE4NEBICA TO C0BP 
72-00 7.® V 9/19® 

1971 teabsanerica o is rn 

100-00 8.® 1/12/1986 

19® tUDSAMElICA TO CORF 

99.75 12-375 15/10/11® 

1981* 7XANSCO DR 

100.00 16.25 t/12/1988 

1971 ' TKABBPCmr COLT OO. 
100.00 7.® 1/ 1/1987 

• 1969 TRAN SOC E0 COLT OIL 
98.® 8.® 3/1 2/1984 


24 1/8 15.19 0.00 

99 1/2 20.51 *.03 

96 1/8 20.13 8.32 

9J V« 15.81 li.93 

95 1/4 1S.9L 13.49 

1® 1/4 15.96 18.3* 

7B 3/4 !J-» 10-63 
14.® 

U 1/4 13.15 10-59 

14- 33 

74 16-38 11.® 

16.63 

94 16.12 10.37 

21.74 

80 3/4 1 3.45 9.91 
16.® 

86 1/2 16.28 7.51 

20 .® 

77 3/8 13.6$ 10.02 

15- 30 

74 7/8 14.91 10.® 
104 3/8 15.91 16.29 

99 16.® 16.04 

77 1/2 13.6* 10.M 

16.32 

M 3/4 15.41 14.93 
16.® 

SO 3/8 14.91 0.® 
47 16.67 0.® 

75 1/2 14.66 9.27 
71 1/4 16.3] 9.® 

82 1/2 13.63 10.® 

15.74 

96 '1/8 14.98 12.87 
1® 1/8 16.18 16.23 

78 in 13.92 9-40 

15.03 . 

» 12.84 8.M 

14.93 




si 

s 

1 

£ 

ii 

I 



1 

e 



m BOLtAE6-mTED STATES tCOPlWEB) 
TRA850CEAE CULT OIL 84 1/2 I 3- 


. 1071 TRASSDCEAS cult oil 
97. U 8.® U 3/19® 

1970 TWBBOCEAN GULP OIL 
IW.® 9.00 1 5/10/1983 

1981* TRBBNE CO 0/S FIB . 
.100.® 14.® 1/ J/1986 

1968 n on cap 
99.® 7.25 .1/11/19*3 


84 1/2 13-12 9-47 
16.65 

*9 7/4 1.MW70.® 
14.® 

93 7/8 16.1] 14.91 

91- V4 12.7] 7.® 
. 14.47 


O S ODUANS-SUPRANATlfflUL (CONT lHUai ) 
EUROPEAN DIAL 6 REEL 85 J/2 13.55 


1977 EUROPEAN DIAL 4 REEL 
99.® 7.623 15/ 3/1984 

J9?4 nmomu COAL 4 tna 
100.® 7.75 1/ 2/1049 

1976 BOOVEAB COAL 4 REEL 

99.® I.® 1/12/1961 

1977 nnUJPEAN COAL A STEEL 

100.® 8.00 1/ 9/10® 


100 7/4 7.41 7.49 
7.3! 

87 I/! 16.35 9.14 

61 1/2 13.65 9.42 
18.62 



» 

1971 

TO O/S TO . 

82 3/4 13.93 

10.57 

79 

1914 

EUROPEAN COAL b STEEL 

8* 7/1 IV® 9.® 

1® 

_ 

n.o 

99.® 

8.75 15/10/1984 

16.56 



99.56 

8.125 

15/11/198* S 



100.0 


30 

1980 

TO OVERSEAS TO. 

87 1/2 14.48 13-43 

10 

1977 

E8R0P2AN COAL 6 SIRS. P 

7b 

15.41 10.86 

25 


50.0 

98.75 

13.50 15/10/19® 

17.03 



100.® 

8.23 

15/ 2/1987 



17.0 


» 

1932 

wpyw OIL VO 

79 13-54 

9.49 

50 

1177 

EUROPEAN COAL 4 STEEL 

49 5/4 

13.13 11.13 

30 

: 

18.1 

1®.M 

7.30 1/ 2/1987. 

17.25 


*7.0 

100.30 

8.29 

1/10/1089 . 

16.6* 

27.3 


1979 D.B.LEASUG XRL TO ‘ 
M.M 10-00 1/ 6/J984 . 

1947 U.S.BBBEK BBXM14L 
*9.5* 6.ZS 1/ 4/19*2 8 

1972 BS4H IR TO ' 

100.50 8.® 15/ 1/1947 

1977 UU1I KOOK O' SEAS FIB 
100-00 8.50 1/ 7/1945 

1979 ' «"«* • tAMI FFT 
99.25 9.® U 7/19® 

19*2* NELLS FAKO XR TO 
44.40 0.® 4/. 2/1988 

I981* HELLS FABCO XR TO BN : 
*9.25 IS-DO 10/ 9/19® 

..1981* BEUS TAMO nr TO Xtf 
99.25 15. DO 10/ 9/19® 

1981* NELLS. RAB0 ZR FIB 
9*^0 15.® 13/ 6/19M 

Dg DOEIANS-HULTINATIORAL 


13.® JO.® 
16-89 

17:03 10.76 


42 5/8 15.23 0.B0 
1® 3/4 13.® 14-60 


1975 SBOEAN COAL 4 STEEL M ]/( 15-17 9.10 4® 

99.50 8.373 19/ 2/1983 S' 

1978 SDUPZAB COAL 6 STEEL 83 1/2 16.07 10.13 100 
99.00 8.375 15/ 2/1935 

1976 BJKOFEAa COAL 4 STEEL P *2 3/6 13.99 1 0.33 >® 


99.25 6.® V 8/1986 
1976 EUROPEAN COAL 6 STEEL 
99.® 8.® 1/ 3/1990 
1976 SmPEAS COAL 6 STEEL 
99.® ft. 625 7/ 5/19*4 
1975 EUROPEAN COAL 6 STEEL 
99.® 8.73. 1/ 7/1982 
1478 lBMPTAB COAL 4 CTtEL- 
99.75 8.75 IV 6/108P 

1*77 EUROPEAN COAL 4 STEEL 
I®. 75 8.73 1/10/1*97 


17.71 

68 1/2 15.61 12.41 30 

19.51 14- 

8* 1/4 1S.A9 10.01 W 

*73/813.23 8.99 » 

73 14.69 II. 9? 50 

61 J/B 15.37 it.® 1® 
16.40 

65 15.20 14.12 100 

17.92 


I 100-00 4.® 31/12/1990 

1967 QUEENSLAND AL8MXNA IR 
I. 1<MM» . 6.50 1/ 6/1982 

" 197* QUEENSLAND A UWINA TO 
I 98.® B. 25 1/ 4/1987 

1971 . QUEENSLAND AUMXBA TO 
I 98.25 • ' 8.30 1/ 3/1986 

19P0 QOEEXSUND ALUQEA TO 
l_ 100.00 S-00 1/ 4/1982 

1972 SCABDUUVX1B AUIIBE8 
I *8.® 8. DO 15/ 6/19® 

1972 SHELL XK TO, , „ 
100.30 ■ 7.50 15/ 1/1987 

‘1977 SHELL XR TO T 

100.00 7.75 15/ 3/1987 

1971 SSELL IK TO. , 

IDO- 00 8. DO 1/12/19 M 

1977 SBU BLPU. 

99.® 8.23 1/ 2/1990 

■1*62 SOBnmUfEAN PI^O*. 
100-30 5TM 1/ 5/1982 8 

1966 TRANSALPINE TO EDGE 

100.® 6.® 31/10/19® 

1967 .XMMiXJIK rnnes 

08-73 6.73 31/ 1 ASM 

1967 TXiNSALPIHE TO HBC3 
98.73 6.75 30/ 4/1985 

1966 nUSALTOE FIX HUGE 
98.® ~Zn n / 7/i9® 

1972 DUU(6“AB5XEIA SASLJRE • 

93-25 7.50 15/ l/WM 

1976 ASIAN KlIUlffiEn BANK 

W . 7 S - *. 6 ® 1 / 8 / 19*6 * 

1975 cqncn. ot . 

, 98.75 . 9.® 15/ 6/19*6 

nil mum 

1®:® 12.875 U 2/1990 

1381* EDBAXOt 

100-00 14.50. 30/11/1991 

.1967 .anaraiA . „ 

98- 00 6.® 1 / 6A9M 

1*77 BMWWI 

100.00- 7.50 15/ 4/19M 

1977 momsk 

99.50 7.® 1ft/ 1/1*84 

' 1*73 EOUPIHA 

99- 30 7.M 15/2/1988 

X 9 K BBE0TOA . 

99.15 8.M. 15/ 2/19*3 

1*78 Z8UTOA 

99-50 8.® 1/ 7A985 

I®!® £DW I!m W I/198S 

1075 as ujnxA 

100.® 9.® 15/ 3/1*82 9 

1962 mUSPUa COAL 6 STEL 
M.M' 5*25 15/ 4/1782 S 

1966 EBMFEAV COAL 6 STEEL 
lU Mi 15/11/1984 

. 1966 OTfflPBw auL s srm. 

*9 J0 6.50 13/ 6/1988. 

5966 bihiwm BOIL 6 STEEL 
9a!®. 6 .50 1/12/19*6- 

' 1907 TnUBTO COAL * STEEL 
JLM LM 1 / 3/1901 

i»7 zmorsAN coil ij 

98.® 6.625 1A0/1U7 

1973 ZDkQPCAN COAL 6 SX1ZL 
M.M 7. 00 15/ 1/1 »*» 

1977 BBOnU COAL 5 BTB2. 

99.00 7.25 IV 2/1982 


15/2/1*8* 


15/ 3/1982 * 


66 1/2 13.06 12.03 
17.87 

96 3/8 18.® 6.74 

81 1/2 13.42 10.12 
16.31 

84 1/2 13.68 10.® 
18.01 - 

98 5/* 17. 1L 9-13 

83 3/4 14.® (.55 
15.® 

77 3/8 14.® 9.66 
15.14 

75 5/8 14.85 10.® 

*1 3/8 13.45 9.® 
14.40 

70 3/4 14.70 11.® 

97 7/8 35-63 5-70 

90 3/4 9-53 7.16 
11.24 


93 3/8 12.73 7.23 
16.93 

M ill 9*33 7.M ; 
11*12 

74 14.® 10.14 

17.05 


n 13.43 11.07 

83 3/8 14.19 10.55 
18.4* ; 

V 3/4 16-17 15.01 
I7.4J 

90 3/4 16.41 15-94 
16.77 

98 3/B 14.37 -6.61 

915/8 15-52 8.19 

90 7/8 IS.® B.a 
14-97 

73 16.30 10.V 

20.20 

945/8 14.38 8.98 
14J5 ■ 

92 11-41 9-24 

11.65 

75 1/4 15.07 11.50 
16.13 

73 7/8 14-75 11.51 

59 1/2 13-26 9.25 

95 33-73 ft. 50 

81 13.U 6,48. 

IB.® 

80 1/2 12.39 8.07 

17. .09 

SI 1/4 li>79' 8.00 
13.31 

79 7/B 12*00 8*14 
17.34 

81 1/2 11-18 **13. 

. 14.44 

TO 1/2 14.78 9-93 
18.93 

99 1/4 25.37 7.® 


1976 EDMPEAN COAL 4 STEEL ■ 65 16.70 14.12 

M.M .. B-B7S 15/11/1996 S 17.42 

1976 EHEOPKAB COAL 4 REEL P 94 7/8 13.09 9.49 

106.00 9.® IV 1/198) 

1978 XSBOPRAN COAL 6 STEEL AG 1/4 15.53 13-58 7$ 

100.00 9.® U 4/1993 1 6.40 

1977 EUROPEAN COAL 6 STEEL (4 5/8 13.34' 13-93 1® 

100.00 9.® IV 6/1993 16.37 

1976 Emonua oq*l l reel 6 $ s/s 13.41 ia.ii zs 

*9.® 9.® 1/ 3/1996 s 18.31 73. 


1977 HSUFEAN COAL A STEEL 

200.00 9.125 1/ 4/1 997 8 

1978 EPNOPRAB COAL 6 STEEL 

100.00 9.® IS/ 1/1986 

2978 TPROPEAX COAL 6 STEEL 
99.30 9.® 1/ 4/1998 


6S 3/4 I3.*l 14.36 „ 

17.73 I0B.0 

83 7/8 14.92 11.03 12! - 
13.40 I2SJ 

6ft 1/2 14.54 13.® |“ _ 
1S.S* »»*• 


99.30 9.25 1/ 4/1098 19.32- 

1*78 EOBVEAN COAL 4 STtO-CR 64 1/2 19.11 13.9) 
fin . 9.® IV 1/1*99 15.61 

1979 EUROPEAN GOAL 6 STEEL 63 1/2 16.11 13.4A 
98.91 . 9.75 1/ 8/1999 S 16.95 


1979 'UIOFEAN COAL 4 STEEL C8 69 7/8 13.® 13.24 150 


.99.73 9.25 1/ 7/1991 16.74 

1(80. EDE0PBA8 COAL 6 STEEL 84 1/4 1 5.76 1 3.65 20 
99.75 !U® 15/ 1/19*8 16.82 

1980 ENBOnAR COAL 4 REEL 84 1/4 L5.M 13.69 1® 
100.00 11.50 15/ 5/1488 16.48 

3979 EIKOVEA* COAL 6 STEEL SB* 19 1/2 17.64 14.47 
98.88 It.® 15/17/1 0® 


1981* EUROPEAN COAL A STEEL 
99.® 1A.0Q' 111 4/19*8 

1977 - EUROPEAN COKNBNITT 
99.00 7.30 1/ 6/1082 

' 1977 KDBottAN COOBOiirr 

100.00 7.673 1/ 7/1082 

1977 EUROPEAN' CaNSBITTT 
99.00 ' 7- 7> 1/6/1*84 

1976 * EROPEAB COO TOXX T 
99.00 8.25 1/ 4/1982 

1980 EUROPEAN COOERTT 
99.® I1.W 17/ 5/1493 
1980 EROPCAK COUCBim 
100.00 11. DO l/B/1993 

1979 EUROPEAN COOCBTTT . 

10b. 00 n.M 1/11/1999 

1980 EWomN COMSHirr . 

00.00 13.25 15/12/19*5 

1981* EUROPEAN aWNIVIfr 

- 89.00 14.75.- 10/ 4/1993 


92 7/8 1 3.83 1 5.07 30 

97 3/8 13.64 7.70 ISO 

>7 I/S 1A.J6 7-*7 /M 

100.0 

83 3/8 15.6! J.08 »» 

JSD-0 

98 1/2 47.II 8.38 «W 
73 1/1 15.62 13.02 JOO 

U.® 100.0 

7J 1/1 14.91 15.04 700 
1 7.00 

75 1/8 16.41 16.04 LSD 
17.31 

93 1/8 16-38 15.94 l» 

lo.® 

91 7/8 16. * 16.05 Iff _ 


1964 nSOPDUi UIESnCfT BA 8 & 86 VB 1 !-® 6-37 100 
' 99. 58 5-50 15 /i 2 /J 084 I 4 .U 

IV 63 EUROPEAN INVTSTHOn US M 1/2 10.65 6.96 100 
M.M 6 .® 15 / 9/1985 . 13-73 

1967 EUROPEAN IRITDTOT BASE - 9 * 3/8 6.52 200 

.3.® 6.30 _ 1 / 2/1962 

9*7 -EBN 0 PEAS nnswnir BASE- 96 l /8 13.16 6.76 -}« 
98 .® 6-50 13 / 9 /I 98 Z 1D0 - 

; .1966 EMOrtU IBVESKErr 81 * 84 1 J.I 0 7.74 1 «> 

' 99 .® 6 ,® 1 / 8/1986 . l«- 5 i 

1967 EDB 0 TU 3 1 NVLSUER BtfK S 2 1 /ft I I.M 7.91 12 ft 
99.73 . 6 . 5 D 1 / 4 /l «7 ' 14 -W 

1972 EUROPEAN DIVES7HER BANK 67 1/8 14*03 10-*3 

09.50 7.® 13/1 2/1987 17.11 

1*72 - EB1078AB 1WESDUR BANK 71 1/4 15.® 10.1ft >00 
58. W 7.23 13/1B/1SB7 ) 7-01 

1973 EDURU rnVESTSEST BAS 67 1B.U 10.82 50 

98*50 7.25 15/ 2/1986 18.49 

1969 - TBMFEAH m WP Mg BINE 89 1/4 12.57 1 . 5 * « 

M.M 7.50 1 / 11/1986 3 _ 13 . 1 ft 

1972 ED3WIAB XHVESDOR BABE 65 1/8 15-39 11-52 aS - 

97.50 _ 7.® 15/ 2/19*0. 1».» 

1977 E0BRU afzsnsr 8A8X 84 1/4 15.6* 9.61 50 

99.75 7.7ft . . 1/10/19*6. S 

1*77 EHKAK.Oms&fiMIAR 86 3/4 15.60 9.22 “ 

100-25 8.® 1/ 4/1984 • !D - C 

1973 . HOMME 13BHB1H *Att IM 3/« 7-65 7.86.2® 

99.50 . 8.® 15/10/1988 

1976 BB0K4B XXVE3THZR BANK 92 3/8 13.82 8.93 230 
99-50 8-25 1/ 9/1963 

ins miiKAS nvEsnm un *2 1/3 15.2ft 0.92 300 
100.08 8.25 1/11/1983 


1 7.01 



67 16.21 

10.82 

50 

18.49 



89 1/4 12.57 

8 . 5 * 

40 

13 . 1 ft 


. 23 . 

65 )/B 15-33 11-52 

19 . U 


10 

ft* 1/4 15.69 

9.41 

86 3/4 15.60 

9-22 

20 

20.0 


PB POLLAIA-SPPRANATTONAL fCOR lKEU l 

1977 EUROPEAN DCVE 3 TMER BANK 81 1/2 16 . M 10.12 250 
100.00 8-55 10 / 1/1985 

10.-7 imOPEJM ntPERMEVP UK 75 75.05 11.00 250 

99-73 8.25 15 / 10 / 1*67 

1977 EUROPEAN UVMSUWT NANE 74 1/8 15.65 11.09 200 

90.75 8.23 1 / 4/1987 

197 N EUROPEAN nVESTOT UW 7 t )/( 15-45 10.65 :m 

99.75 8.373 1 / 6 / 1*86 2 M.I 

1*77 ESR 0 PEAN WVESTJUXT SANK 64 3/6 15.73 13.38 250 
* 9 .® 1-173 - 1 / 10 / 1*92 S 11.04 3 ».' 

1971 . EUROPEAN lNVENTOTr NAME 88 1/8 1 2.18 9.63 250 

100 .® I.M 19 / 5/1986 . 14.53 

1973 EUROPEAN INVESTMENT RARE 74 1/8 14.72 11.67 2 ® 

08.30 I.® 19 / 12/1988 14.76 . 150.1 

197 * EUROPEAN IBVECnENT RANT 72 1/2 15-95 11.72 J 00 

99.30 8.30 1 / 2/1988 

1976 EUROPEAN INVESTMENT BANE 88 1/8 15.81 10.03 250 
• 99.73 8 . 62 ft 3 / 4/1981 S 

1971 EUROPEAN MEFMUT RANT 83 5/8 16 .® ID . 58 2 JO 
99.61 1.625 1 / 3 / 19 B 3 S 250.1 

1171 . EUROPEAN INVESTMENT RANT 88 1/8 12.77 9.91 2 SO 
IN.® 8. 75 ]/ 1/1986 11.98 ' 250 .C 

1974 EUROPEAN INVESTMENT UK 84 14.00 10.42 200 

97.50 8.75 15 / 4/1986 14.96 

1976 EUROPEAN rtVESBRXE NAME 72 1 /A 15.78 12.11 ]M 

99.25 8.75 1 / 9/1988 

1977 EUROPEAN INVESTMENT SAKE 64 7 /B 13.92 13-60 SOO 

loa.ao 1.73 1 / m/un 

1978 EFIOTEAN ISVISUDfr BAGS 63 5/8 1 5.97 13.73 ;|0 

99 .® 1.75 1 / 3 / 199 ) 

1978 unarm investment sane ’ 71 3/4 js. oa 11 . 59 . go 
99 .® ■ 8 .B 75 1 / 10/1496 B SO.t 

1976 EUN 0 PCAR INVESTMENT SANK 62 7/1 19.83 14.61 ®0 

* 0.10 8.875 15 / 12/1996 R 18.57 

1*75 EIKOPEAN INVESTMENT RANK 96 1/9 15.07 (.51 IM 
100 .® 9.00 1 / 11 / 1*82 S 

1978 EUROPEAN UVENTKDTT (ABC 65 1/2 16.82 13.74 100 
99.23 9 .® 15 / 9/1990 

1977 , EUROPEAN INVESTMENT SANK 63 1/2 13 . 7 N 14 . 6 B 200 

100 .® 9 .® 15 / 3/1997 S 18.23 

1178 E 1 HOPEAM INVESnjgrr RiK *7 3/8 I 5 . 3 l 13 . 36 . 

99 .® 9.125 1 / 7 / 1*93 17.61 

1173 EUROPEAN INVESTMENT BANK 61 7/1 16 .® 15.29 js 

09 .® 9.125 1 / 10/1998 9 17.29 

1078 EUROPEAN INVESTMENT 1 AK 62 7/8 16.22 13.23 ® 


US DOLLAIS^UPBAIAXOTAL ECOBIUBED) 


09.35 9-25 1/ 3/1998 S 17.39 

1975 EUROPEAN INVESTMENT RANK 17 35.1) 10.92 M 

100.® 9.50 15 / 1/1985 1 5.79 

1970 EUROPEAN INVESTMENT BASK 80 7/1 16.15 IX-76 40 

99.63 9.50 »/ 3/1986 

1970 EUROPEAN INVESWZNT RARE 82 3/8 16.21 12.® 30 

99.® 9.625 15/ 2/1116 3 

1970 EUROPEAN XBVEBWEK IE C 67 17.02 14.37 •] 

99-® 9.625 15/ 2/1*91 

I960 EUROPEAN INVES TMENT BANK 71 1/6 16-04 12- AS J3 
100.00 9.75 1/ 7/1987 

1979 EUROPEAN OT BSWOT BABE 73 16.11 13-36 ® 

JOfl.OO 9.73 15/ 3/1080 

1970 nsOPEAN INVESTMENT BANC 71 1/2 1S.8A 13.66 25 

99.75- .1.73 20/ )/ll*l 

1979 EUROPEAN nVESTMENT RAK 79 3/4 14. M 12.77 ]0 

99.75 9.873 1/ 6/1987 5 

1979 EUEOPtAS OffESnrar BASK 66 3/6 16.® JJ.J7 6® 
1®.® 9.873 15/ 2/1994 S - 16.03 

1970 EUROPEAN U 0 E37 MENT RAKE 4S 7/8 16-42 13.76 J23 
00.00 10.® 1/ 6/1990 S 17.24 

1970 EUROPEAN UVETWENT BASE 79 3/4 16.27 J1.I0 25 

99.® 10.125 15/ 9/1987 5 

1979 EUROPEAN OTESIHESr BANE 67 1/8 14.10 15.69. '!J 

99-40 10.15 15/ 9/1499 $ 17.04 

19BD E1B071AN INV ES T ME NT RAK 81 1/6 }S.B) 13-54 SO 

1®.W 11.® 15/ b/1968 

1980 EOUPEAB INVESTMENT DAK 85 7/8 16.49 14.® 25 

W.1S 11.623 1/ 1/1*87 S 

1979- OTOPCAN I 8 1 ES 1 H1J T BANE 98 12.10 11.99 AO 

99.7$ 11.73 15/ 1/1902 

19 ® European vmsoasr nase 75 7/8 ib.n u.:s 2 s 

98.6] ' 11.873. 1/ 1/2000 S 17.09 

1980 EtHOPtAH IFVLSTKXT BANT 87 3/1 It.® 15.11 30 

1®.0Q 12.75 -I /l 0/1968 S 

1981 anOFGAN XBVEnNnr BANK B7 1/t 16.24 lft.CX - so 

in.® 11.75 . 13/ 1/19M 

1981* EUROPEAN INVESTMENT UR 85 3/4 16.22 14.87 25 

94.63 12.75 , 1/4/1989 

I98U EUROPEAN INVESTMENT B4K 85 1/4 16.(3 16-46 40 

99*50 13-58 1/10/20® E 16.83 

1980 znUFE65 OT ESmm BASK ** 1/4 IS.U 15.41 70 

19.50 13.75 15/ 1/1990 

1981* EUROPEAN INVESTMENT UK 94 3/4 16.29 16.03 ® 

**.» 14.625 li/I 1/1*91 5 

19819 tnofEAf lEfESTNEIT 1ANX MI 16.17 16.36 - ® 

1 00.00 16.® 15/ 9/19® 

1941* ESB0PEAB IN T W P tlJ P 8K 101 1/2 16.38 16J0 30 

*9-75 16.73 1/11/1991 

1981* ranic i miBui rank so 1/4 15.15 a.® 25 

51.75 D.M 15/12/1986 

1977 UHC OTIMSfT UU 65 S/8 15.62 9.® JO 

1M.W 7.75 1/ 6/1986 

1578 TI«B1C mm® BMC 75 1/2 15.00 11 J9 1® ■ 
100.® 8 JS 15/ S/1 988 , 

1978 M291C IS V E9UUHI ZX ' P 75 1/2 15.® 11.59 1® 

100.00' 8.75 15/ 5/1981 

1961* KBS 16 tbtmihui UK 37 13.85 15.65 23 

1®.® -16.625 15/ 4/1910 8 16.24 


101 1/2 16.38 16.50 30 

SO 1/4 15.15 0.® » 

*5 S/8 15.62 9.® JO 
75 1/2 15.00 11J9 IH - 


1977 TOLD EASE 
1W-M ' 7.® 

1977 BOW BARE 
1M.N 7.125 

• 1977 BOLD BASE 
1BO.OO 7.65 


1/ 5/1912 ft 
1/ 8/1982. 8 
1/5/19B7 * 


97 13.85 15.65 23 
16.24 

98 1/4 14.51 7.25 » 
96 3/B 14J9 7.51- 2® 
73 1/4 15.79 10.72 123 


1M.M 7.75 

1/ 8/1087 

8 



100.00 

1*76 HELD BAO; 
09.® 7.® 

1/12/1986 

8 

IS 3/9 15. TJ 10.62 

40 

1977 

im.® 

1975 DU ELD BASE 
100 .® 8.13 

1/ 1/1*85 

8 

84 15.69 9.(6 

• 50 

19® 

in.® 

1177 NOELS SANK 
99.25 8.25 

It S/2002 

8 

64 1/4 13.® 13-25 
14-59 

SO 

1979 

ion.og 

1977 WORLD BASK 
100. DO 8.33 

1 / 8/2002 

S 

54 3/4 16.® 15.85 
17.38 

75 

19(1 

lro-ou 

1976 WORLD RANK 
1®.® 8.375 

1 / 7/1986 

5 

78 5/8 15.76 10.94 

1 ® 

1981" 

100-00 

1976 WORLD BASK 
00.55 8-375 

1 /12/2001 

■ 

35 1/8 lb.47 13.77 
17.46 

» 

1978 

)M.® 

1975 WORLD RANK 
JM.00 8-60 

15/ 7/1985 

S 

82 7/8 13.71. 10.65 

SO 

1978 

100-00 

1975 WORLD RANK 
100.00 8.83 

13/1 2/1* 85 

ft 

82 15.72 11.08 

50 

1979 

100.00 

1976 WORLD BARK 
IM.® 8.6ft 

1 / 7/2MI 

S 

58 1/8 16.47 15.61 
17.43 

35 

1978 

100 .® 

1975 WORLD BANK 
100.® 9.33 

15/12/20® 

S 

61 1/4 16.48 15.83 
17.62 

30 

1077 

IM.® 

19® WORLD BANK 
IM.00 9.75 

15/ 6/1985 


86 1/6 15.14 11.® 

25 

1978 

IM.00 

10® WOWLD BASE 
100-00 10.25 

15/ 6/1987 


81 3/8 15.61 12.56 

73 

1976 

1 ®.® 

1581* WORLD BANK 
96.50 14.375 

It 7/1984 


06 1/2 15.48 14.® 

70 

1977 

IM.® 

1*81* WORLD RANK 
100.00 lb. 00 

1/ 4/1986 


101 3/8 25.47 15.7ft 

75 

1978 

1 ®.M 

Mil* WORLD BAB 
100 .® 16.® 

6 1 3/1988 


IN ft/6 15.74 IS.tfB 
15.7* 

SO ' 

19® 

100 .® 

IfIL* WORLD BANE 
00.7B 16.375 

1/11/1986 

5 

102 1/2 16.20 16.61 

250 

19® 

100-00 

J96 I* World bane 
IM.® . 18.50 

30/ 9/1086 


102 1/2 15.(2 16.10 

in 

1979 ' 
100.00 

1081* WORLD RASE 
100.00 lb.SU 

30/ 9/19® 


101 3/4 J3.99 16.22 

325 

1961* 

11.63 

10IT* WORLD RASE 
1W.00 16.625 

1/11/1991 

S 

102 1/2 >16.74 16.® 

40 

1978 

100-00 


tb poims-PiQAtnc rate 

1978 ALAKL1 BK EDKArr 5.5: 1/4 ' 

100.00 19.173 !V 8/1983 5 

. !«7Z ALLIED USB BE 6.75U/A 
1 00.® 18.563 26/ 3/1 984 S 

1979 ALLIED IRISK K 5.15:l/A 
I00M IS. US If I /1 987 $ 

1976 AMERICAN HP 05 . 1/4 . 1 

100.00 16.819 20/ 4/1982 S 

1077 unuiura Tll/4 

100.® i;.623 2/ 6/1986 S 

1978 ARAB OTL RAK 6.5f3/S 1 
200.M 19.638 1/ 9/1913 I 

1911* P.T. ASTRA 7.3U/4 

IW.0Q 12.875 30/11/1*86 S 

1179 RB. (CABUB) LID 6J:l/4 
100.00 15.625 25/ 4/1984 S 

1976 • 8.T.C.E. . 6.511/6 1 

100.00 1 7. IBS 27/10/1083 6 

1077 B.F.C.E. 6.373:1/4 ! 

1M.N 19.125 -23/ 8/19B4 9 
1**2* R.F.C.E. • 5.2Sil/6 I 

l®.® 10.25 27/ 1/1987 £ 

1981* R.F.C.E- • 5.25:1/4 

IM. M 16.938, 26/10/1 9U S. 

1980 IASCA TOTH 7.25:1/6 
100.00 1B.6BS 3/10/198* S 

19® BANCO DC E000XA 7)1/4 
1W.OT 19.125 4 / 2/1965. S 

197* IAN® OZ USA ESI 6 1 1/4 ] 

IN. ® 17.® 26/ 4/1987 S 

19® 6CH re SASTUC0 6.!S:t/2 

IN.® 18.813 30 / 3/19)6 S 

1977 . IAFC0 m BUSQ. 6.75:1/4 1 

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if 78 BCD CENT a SAW 6: 1-1/4 
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100.00 15.588 21/ 7/1983 S 

1979 BA TO SAC ASCENT 7:1/6 1 

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2979 UK SMS HttA* 6.25:1/4 
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1977 BBOGBASSIA BARRA 8:1.0 97 1/2 

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1979 BUtlSH AIR BOARD 1/8 98 7/8 
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1979 CJ CASETOS . 7.5: 1/2 98 

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12.42 
H.OO 

».oo 

HU*f 

13:31. 

1M» 

17.00 

21.81 

J5-73 

15-7* 

34.78 
14.40 
U4( 

27.78 
15 JW 
XS.7X 
17.33 
1S.M 
15.20 
27.02 

24.47 

28.73 
U.M 
13.14 
18.59 
15.89 
25- *3 
15.50 

13.48 
1J.80 
13 -27 
23.30 
13.4* 
UM 
14.35 
19.25 
17.4* 
17.2* 
19-29 
14.53 
14.91 
17.47 


1M(* urn 1ST TO 5-25:1/8 
300.017 - 17125 2*/ 9/HH s 

list* SQHLUD TST 5:2Sl 1/8 
100.00 11.n0 23/ 3/1992 S 

1981* nc PACIFIC HI 3.25:1/8 
24/11/1991 S 
BV 5-9:1/* 
19/11/1988 8 
0:3/4 
5/ 4/1*83 5 
0.321/4 
15/ 3/1986 8 
(.4:1/* 
2/ 7/10*0 S 



m-oa 

13.75 : 

70 

mi* 3. 



xoo.00 

15-775 1 

96 

1978 K.F-T.C. 

*1.0 

100.00 

17.50 

50 

itsa s. 

r.r.B- 

Ll.O 

106.00 

18.375 : 

50 

19® S. 

F.T.5. 

*1.4 

•oa.OO 

15-184 

» 

1479 sac CENT DC 


100-00 - 

14.SU 

M 

J477 mam <38 


100.00 

10. WS 

» 

1979 60CIEXEG4* 


100.00 


W 

20 


M0 


3:1/* 

15/ 7/1907 * 


130 

88 

78 


«• 

ISO 

30 

» 


3/19/1987 S 

• 3 lb 
1/10/19M S 

• 5. 25ll/* 
12/ 7/1991 <2 

1*81* COCOS 8*3/88 3. 23; 1/8 

100.00 13.23 22/ 7/19*1 C 

1979 raw S91 • 3-75:1/* 

100.00 15.118 13/ 7/1909 3 

193* JOKinai UN3J 7.23:3/4 
J00.no 13.50 7/12/19*2 3 

1980 miausas , 8:IM 

HM.ao 14.438 19/12/1987 S 

1977 0nin*BB aw 8.23:1/4 

100.00 12.838 31/ 3/1984 3 

1978 BW48B (BUS 5-5:lM 

100.00 19-00 10/ 8/1990 S 

19N sawra aw s.23:iM 
100.00 19.083 U 3/1990 8 

1981* SUBDAB aw 5. 25:1/8 
100.00 13.213 18/11/1991 S 

1*80 STATE BE CTO* 8.73: 1/4 
100.00 - 12*938 29/ S/1907 S 

19814 sKtNHD rot 3-3: 1/S 

100.00 19.363 8/ 8/1*8* s 

1979 mm nw inn 3.5:1/* 

100.00 15.50 13/ 9/19*4 Q 

M7t awmBuuan sn/* 

100.00 17.00 4/10/1*03 5 

100.00 ~ 13.25 

1979 
100.00 
1*814 
100.00 
IPO* 

100.00 

1*7* 

100.00 

1879 

700.00 
1979 

100.00 

1979 

100-00 

1941* 

100.00 
1979 
100.00 

1977 

- MU. 00 

»77 
100.00 
10*9 

J 00.00 
1*77 
100.00 
1*80 
100.00 

1978 
100.90 

1979 

200. » 

197| 

180.00 


TSTSn'Tano/iMi^Q 


9-5:3/* 
14.813 27/ 7/2909 S 
nunm MS 5.73: lA 
15.188 23/ 4/1991 S 
TEXAS Ot JUS CIV 7:3/4 
(5.25 11/ 4/1*04 q 

THAI FARES 07 7.25:1/4 
15.184 21/ 6/1984 S 

nuuDjaam Tii/i 

18.180 15/ 3/1904 8 
TOMB DCV FIS 88RF 6:1/4 
19-125 21/ 4/1904 S 
T8ADOV kX >87 5.3: U* 

14.430 17/12/194* 8 
no Tank p-ucn *»1A 
12.930 24/ 5/1991 J 
D.U.7. 7.25:1/4 

13.065 7/1271982 S 

C.9-A.F. 6.73:1/4 

17.938 25/ 3/1902 5 

1.10.7. 5>3il/A 

14.938 9/ 1/1990 S 

anas n-mun o-niM 

14.81 J 20/ A/1182 S 
0SIW BASE BUT 6:1/4 
14.81 J 8/ 1/1989 S 
nuriv OFSSSS45 >E Si 1/4 
14.438 4/ 5/1 981 S 

mm omsus u 4:1/4 

14.438 29/ 3/1989 8 


99 5/8 

91 1A 
HlA 
9* IM 
100 1/2 

99 5/ft 

97 3/8 

100 

100 3M 
*9 1/4 

98 3/4 
ft 

98 1/2 
9ft 7/8 
ft l/l 
100 

100 1/8 
98 1/4 

98 l/B 

99 3/8 
99 1/2 

U» 

91 7/8 
98 7/8 
96 3/4 
82 


Diqnuo an 6iiA 
17.75 21/ 3/1984 S 


mi- 
ion, oo 
1980 
108.00 
1977 
180.00 
1979 
100.00 
Btt* 
100.00 


717SO E9I 
19.73 


8:3/8 
21/ 7/1988 8 
jn Ham nr 4:1/2 

15.50 15/ 1/1988 5 

— 6 an *.5:iA 

19.50 28/ 2/1984 S 

nuuH 4 cun j.jsi ia 

18.375 14/ 9/1991 3 
2DRML an HM 3.»l 1/4 
14.938 9/ 7/1991 8 

JBST04UU 00LUIS 


*9 3/8 
99 1/2 
99 3/4 
IS 3/4 
93 3/8 

99 3/8 

99 7/8 

98 3/8 

100 1/8 

90 3/4 

99 7/8 

91 3/8 

100 

93 3/8 
9 * 1/2 
100 1/8 
100 

98 7/S 


17.31 
14.15 
U.U 
23-81 
17.41 
■IB. 44 
15.68 
•8.4* 
18.24 

14- 55 
U-44 

15- 34 
13.71 
14.60 
U.M 
19U» 

w.o* 

13-ftS 

13.18 

19.M 

13.37 

17.00 

13.27 
14.3* 

27.38 

18.52 
16.94 

13.28 
IB. 2ft 

19.17 
15.08 
UJ4 
13.14 
17.96 

13.18 
14.79 

15.00 
14.46 

14.53 
17.75 
16.51 
16.06 
11.48 

10.38 
15.11 


JS0 

291.7 


500 


100 

250.0 

404 


1978 EDB0K4S UNUSMIJH BADE M 3/4 10.82 8.73 
99.80 7 22/12/1986 

1976 raoorttf nSBSWBR K » 91 1/4 9.81 8.56 
97.25 8.08 20/10/1986 10.% 

1*79 EDMPZAS XBTBSBBW *4ff 8ft 3/4 10-13 9J1 
w.w 8.00 28/1 2/1*8* 

1974 ixns-uencAs sctm i 
97.25 , 4.00 17/12/1964 

197* TB3I-A1BUC45 DCT SAFE 
99.30 1.00 21/12/(989 

1980 «KJ> BMK 
94.50 B.M 1/ 2/1991 

BAH2AIST BIXU8 


ft t-5f 8 -fl 
to. a 

.« 3/4 10.15 9.01 


30 

50 

.75 

40 

25 


8* 


10.07 S.99 


*0 

60.0 

40 


i: 

12.0 


15 

15-0 


1977 SAT AUSOEE St* 02 
100.00 8.73 1/ 8/19(7 

1977 FCIIOUfS KttCAMS 882 
M».M 8-75 15/1 L / 1987 

CJEUDUS 00LL48S 


97 


96 


9.45 
9.M 
9.67 9.11 
10.93 


1.02 23 


25 

20.0 


23 


23 

2ft 

25 

M 

10 

50 

30 

IS 

23 

M 

50 

23 

25 


A8KXICA* nsnitf. 60PKZ 
8. 73 13/10/1984 


ATC0 m SOT-CA3AD* 
9.50 17 6/1982 


ATO IU SBtV-CABASA 
10.25 15/ 5/1986 


84Wf8MT M43.TT OO 
12.73 13/ 9/1988 

BABB Of BOXER COUMltA 
10.25 IV 5/1989 
UK gp wm^i. 

5.00 13/ 9/1982 

lASqtS OSU7EBE BAT 
ft. IF 15/ 2/IS82 


iabooe CMADxnott bat 
9-25 13/ */l« 


SHI 
8.73 


1/ 6/1912 


BQjL-CUUOA 

10.73 1/10AM6 


SO 

50.0 

25 


1*74 aoboalum as m coop 
99.23 10-00 1/10/19*3 

1900 ABHKALUH OS DE*t COOP 
99.50 12.2S 15/10/1905 

1977 |—M BBCa 

100.00 10.00 1/12/1982 

1978 emcou o/B rn eso 

100.00 10.50 15/ 2/1983 

»79 nncotr d/s m m 

99.50 11.00 It 2/190* 

1978 XAEE SIOSW BUSH 

190.00 11-50 It 7/19RI 

KBHLOCB 


17.28 11.11 
18.38 13.78 


20.M 11.54 
16.64 12.09 


91 1/2 18.45 12.37 


30 

30 

30 

13 

» 

25 

50 

60 

40 

50 

20 

30 

SO 

*0 

10 

25 

50 

40 


14.14 190 

JO.0 


1971 ASZ4D DC*BU)n0r UK 97 V* 8.U 7.29 
98.50 7.00 20/12/1 


14.72 338 1979 

303.1 *9.30 


•M0 4/12/199* 


1903 * ' 10.39 

88 1/1 9.59 9.04 
10.AO 


so 

50-0 

30 

30.0 


19T7 
99.50 
1977 
100.00 

1979 
.W-25 

1980 

100.00 

1979 

100.00 

1976 

100.00 

1977 
99.75 

1976 
1M.OO 

1977 

100.00 

' 1979 
100.00 
1977 
*9-00 

1975 

100.00 

1977 

100.00 

1973 ‘ 

• 99-00 

1979 
JOQ.OQ 

1976 
*9.00 

1977 
100* DO 

mo 

100.00 

1980 
*9.50 

99.50 
1977 
*9.25 

1974 

100.00 

1981* 

100.00 
1981- 
100.00 
1977 
200.00 
1474 
99.00 
1977 
100.00 
1979 
100.00 
1977 
100.00 

1976 

100.50 

1977 
100.50 

1979 
100.00 

1980 
100.00 

1981* 

99.25 
-197* 

100.30 
1*77 
100.00 
1977 
99.50 

1*76 , 

99.50 9.25 1/ 2/1983 

1976 K)BD BIB CUDCT-CAUa* 

100.00 *.» 13/ 7/1*82 

1*73 

100.00 

1977 

100.00 

1974 
100.00 
1976 
100.00 
1974 
100.00 

1978 
100.00 


25 

20.0 


» 

20 

M 

25 


15 

12.0 

.40 


20 
19.0 
30 . 


BESEFlCINu HU tXT 
9.00 15/ 2/1906 

SUQ71UAL Fn HU 879 
9.73 15/12/1982 

■BTraa com bpa MS(3) 

9.00 1/ 6/19*7 

BIXTm COtAOUK'Fa 
9.25 30/ 6/1982- 

Rams* COMB UFA M9/9A 
10.25 13/ 3/1999 

cmgaix ram 

9.73 15/ 5/1 9Bt 

CJOADUB ACCEFTOCB P 
9.375 15/10/1982 
CMA01AD IBP BE O H— C B 

11. 50 15/ 7/1985 
RASABT4B VP BE L0»1*»CE 

13.50 15/ 5/1*83 
CAU0IAB VP 1C C1B9Q9TT 

15.73 15/ 1/1949 

'‘--PIPTriF BAT vatt- CO 
1-875 1/ 3/1987 

CA8ASIAU BACtrZC SECS 
9.25 13/ 4/1943 

aooDttv eAsific sacs 
17.75 15/11/1947 

CANO TAB BTOOTES UD- 

17.00 13/12/1*96 


18 

30 

35 

63 

10 

13 

15 

50 


9.25. 15/ 6/19® 


98 3/S 11.28 17.28. 
17.34 

90 ■ 41.78 10J8 


9.50 15/10/19® 
CUD 77 RKDIKD 

8.75 1ft/ 2/19® 
cob: it fcocm f-um 
10.375 15/ 9/1984 
DOESSTO DO (CAEADAT 

6.50 15/ 3/19® 
E080VBAB COM 6 STOL 

9.00 13/ 3/19(3 

mopw coai i mu. 
9.00 15/ A/1184 


a. 51 10-36 
9-U 
14.25 11-79 


10.00 13/ 3/lftlA 

F7BHCBAI. BBSTBESS DEV IK 
11.50 15/ 7/1990 

man. 80S HESS BET EX 
17-73 30/10/1146 

HAST CMUD1AB XB905T 
10.00 13/ 3/194* 

nos STUB CODB-OCABA 
8-50 15/ 3/198* 

ion BOOT ODEr-CAKADA 
8-79 15/ 3/1987 


94 1/2 63.25 B.«9 
92 17.32. 9.78 

88 15.74 10.23 

89 1/2 15.71 11.17 
U 3/A 15.21 13.90 

103 3/E 16.59 17.17 
8* 1/8 15.94 11.28 


15 

15 

15 

» 

20 

40 

» 


40 * 

40.0 
35 ■ 

32.0 
40 


40 

40.0 

80 


1/12/19® 


9.50 

OBEMI. TUBS LTD 

8.50 1/ 5/1944 
BOB MOTORS ACCEPT AMCE 

9.00 1/ 2/19® 

on KIT0B3 ACCEFWCS 
9.25 1/ 6/1943 

COB MOTORS ACCEPTANCE 

9.50 1/ 2/1986 

ceh motors uarrmx 
9-75 U/ 10/1988 


17.47 10.U 
16.43 11.® 
18.69 10.05 

29.72 10.® 
22.23 10.44 

15.72 9.77 
9.28 

15.29 9.95 


30 

40 

33 

a 

23 


25 

20.0 

SO 


M 5/8 13.® 10.72 
15.74 


30 

a 

so 


86 


12.97 11.34 
14.03 


10 

24.0 


I*® ca soots aceeftakx 

99- 75' ;:.00' 15/6/1985 

1«|* CEB WT0R5 ACCEPT AWK 

100-00 15.B75 ».■ t/»«6 

1981* CO K7T0B5 ACffiFIASCE 
99.JO 16.00 5/ 1/1187 

19*1- CEB H3TOBS ACC2FTASCT 
100.00 78-00 1/10/1987 

1*77 WALTB r-SSlLW 
100.00 9-50 15/ 7/1984 

Htmsors sat 1 

100.00 1.0.50 3 5/ S/MW 

1«1* HfflS09*S UT 
lOa.oa 18.00 . 1/11/1*87 

itn vr eastestw e*»n-cv 

100.00 8.75 1/ 2/1981 

1*76 nr unara amit-C® 
99.50 9.73 13/ 4/1916 

1976 15ft CAKWM PI8»CE 
1I10.W 9-50 1/ 8/1942 

1*76 ise cnuiitf raUKe 
100.00 10.00 1/ 8/1186 

1976 CROSS SBX.C0RP 

99.50 9.23 13/ 6/19® 

1977 lAJ&atttE TO COW 

100.00 9.90 36/ 6/19® 

1976 USIL.CIZT CF MX 

99.00 10-00 ’./ 7/1*96 

1977 SAM BAfi 18A5XIB C8U9A 

100.50 8* 25 15/ 3/19® 

1973 SAErr0tA,TEDVOrE 0 

99.50 9.25 30/ A / 1985 

1971 WWUEAL.CnT »■ 

99.00 10-00 U B/1989 

1973 lorom BBT.fOW OP 

91.50 9.75 11/ 7/19® 

1975 pyt-anmiABii wowa.l CF 

100.00 9.30 15/ 5/19® 

Isis nvraaoaABjtoxxscE m 
100.25 (8.25 I 3/12/1 OSS 

1976 HBAKDA KHES 

100.00 9.73 15/ 7719® 

1976 KB CEB 

*9.50 *.75 15/ 8/MO 

197* BOSA SCOTIA IO*>SB B4IC 
99.25 9.50 1/ 7/199A 

1976 Km OOTIA.TMTOCE OF 

100.00 9-00 13/11/19® 

1976 7ASCA8ADIAS FSOOL 

100.50 9-J5 13/11/19® 

1941* TABCABAOZAB PEW. 

100.00 U-50 15/12/1988 . 

1978 PBOnSHAL MIKttWA 

100.00 9. SO 15/ 2/19® 

1973 QUEBEC. CITT OF _ E88C 

100.00 10.00 15/11/1995 

197* OOBBK.cnT or _ K79C 
100.00 10.75 1 5 AO/1994 

1979 QBExee.poovm or 

100.® 10-25 15/ 4/1586 

INI* qODB. RMOBB <K 
100. 00 ^17-So I5/UA9® 

INI* 0DEBaC,TB0VUEE (K 
100.00 1B.M 15/I0A967 

1977 qOEBEC DMAir OHSOKT 

100- 00 9-50 V 2 /19® - 

1977 QUEBEC IIUI CCMM847XE 
99.M 9.30 15/ 9/1984 

1176 QOEESC B4149 Cauum I 

94.50 9-79 26/ SA9® 

1981* nnaMCTRUS UA01U1UT 

100.00 14-75 15/12/1986 

1977 EASE 0TEBSSA5 BOUffKE 
100.00 9.50 15/ <A9tt 

1977 anrai. inr 09 C4340A 
100-00 a.® 15/ 2/198* 

1976 40IAL B6BK ® CESABA 
100.00 8.75 1/ A/19® 

' 1977 BQTAL USE OF CAUDA 
100.00 9.00 18/ 2/1992 

1976 ROTAL BABE OF CAUSE 
100.00 1.50 1/ A/1908 ■ 

1979 E0TAL UK V CAUDA 

100.50 10.00 13/ 3/1986' 

1979 80X41. 84® 0T CAUSA 

100.00 18.00 13/ S/UM 

1176 IDEAL OUST CO TWHUCT 
100.00 9.73 It 9/19® 

.1976 MEMO* 

100.50 9.73 1/ 2/19® 

1941* BOOAX 

100.00 17.25 1S/12/1944 

.19®* socisn wo noc® 
100.00 17.30 - 15A2/194S 

1*74 smPBow HSF*rt acc-co 

99.50 *.7S 1/ (/IB® 

1976 TB48CDLF CAXADA 

100.00 1.50 15/ 6/19® 

1976 TEXASCU1F C4MBA 
99.25 10 13/ 6/1986 

2976 raano-mmcK ease 
100.50 9.00 1/ 4/19® 

1980 OTDW CODOEATUB 

99- M 12. SO 13/ 5/1 M3 

1976 TS4SB8S CHOP 

100.00 ■ 1.73 13/ 3/1 MT . 

1976 Old® CAUX® V CASABA 
100.00 9.23 It 5/19® 

1974 FEOT CAEBXBB OP CASAS! 

99.00 9.73 - It 5/1986 


88 5/6 \S-V ^-94 

98 :si5 16.20 
98 14.60 16.33 
M 5 3/S 1S.39 IT.n 
31 14-00 11.31- 


1951* cs:® 1 

lee.co ».oo is/ 1/1S88 
mim,. lLDEI 5 


96 3/8 16.91 16.tt 


75 

3» 


ya e oi ruE M tat mw mn} - - 

1978 301 SCALUe.CtWI OF SI Sft JUWi I»B 'A 


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78-3/8 15-« U-43 
16.96 


25.96 13.98 
50.26 

23.31 10-22 


105 l/B 16.18 17.12 
41 3*. 10. 10.40 

6L 
93 
Si' 

34 

97 1/4 16.34 9.77 
89 »1.58 11.24 

93 l/l 25-B 8.64 


60 

75 

73 

1» 

75 


75 

7S.0 


7 6.3T 12.35 
16.99 

37.21 9.84 


» 1/2 13.W 10.34 
16.65 


15-13 VLB. 
24.09 10.37 


H 8/8 17-33 13.40 
17.37 


99 14.10 11.52 
45 l/l 25*73 10.63 

90 1/2 19.12 10.77 
92 UZ 10-60 10.27 
•90 1/4 13.32 9.57 

91 15.82 10-71 
M 1/4 18-W 16.79 
97 in 83.79 9-74 
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94 11-66 11.44 
8ft 24.92 11-52 

104 1/2 16.19 14.73 
207 5/8 13^8 UA 
96 2/2 

39 1/2 20.19 11-55 

92 IS.® 10.60 

100 i/9 16.31 16-43 
94 1/2 25-78 10.09 
17 2/4 13.73 9.17 
9 r 1/2 24.36 8.97 
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60 

73 

60 

75 

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75 

70 

73 

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75 

75 

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73 

73 

60 


19^7 

99.50 

19-? 

99.50 

1979 
100.90 

19*U • 

w-w 

. 1976 
99-75 
1976 
100-00 

1981* 
99.50 
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ICO. 00 

1980 

1QO.0O 

1980 

100.00 

1981* 

100.90 

1981* 

99.30 

1976 

99.75 

1976 
100-00 

1977 

94.75 
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iotf.00 

1973 

100-00 

1973 

99-* 

1978 

100.00 

1977 

100.00 

1990 

100.00 

19®* 

99.50 


ACM 


7.50 1/10/1984 




AUZKCK 84® 

IS/ 9/1984 

A7XS03C SAM 

10-25 1/ 3/1M* 


AiTBClSSS as , " 

0.25 15/ 3/1983 


99 l/l 10.® »•« 73 

9« 1/4 9-41 6.W 100 
*5 3/4 10-11 8.«Z 100 . 
17 in 10.M 10 -* T ■ 

98 3/8 9-80 WS IM 


JM.00 471 -W4i». . 

1977 REB.JKAIAHn.BD^^j^' ', 7413 

' ft 


1/10,1986 


ASEt 8 50 

“a^u/u/iw* 

AMDSOK 


89 3/4 11.42 1» 

12.08 

11.37 li* J3 


7-00 

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10-23 

AMO fttfE 
10-25 

«D EASE 

JSS0 804 
12-00 


It 3/19® 
1/ 6/196* 
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i/ 7/19» 
1/11/1966 


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8.00 1/ 6/M68 ■ 

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8.75 IV 5/19® 
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7.00 -It 4/3983 

UK SEES A HOPE 

1.75 15/ 3/19® 
BA® ME® A BMC 

IdVoO ■ 1/ 8/1985 
W8BLECWC PX4 

^-25 15/1 1 AM 
1978 BUO.MKIIK 0T 
99.50 7.50 If 7/19 <3 

IM-X-T-L - MEXICO 
99.90 7.75 1/ 8/19® 

1473 BOOT 81*2* UI»S : 
99-50 9.23 U 4/19® 

19* 

99.50 
SN< 

99-23 


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94 7/8 10.13 7J8 73 

99 VB 10.44 10-31. 73, 
9ft l/l 10.73 10.81 73 

IV 1/2 1US0 11.® : 73 
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9* 10-25 8-« 30' 

Ml/S 9U9 WJ .» 

99 10.33 8.3S, 30T 

30 1/2 14.68 ».M .50 
99 1/4 11.13 .808 ® 

96 3/4 10.08 7-24 75 

99 : ,11.80 7-BS .90 . 

97 V* 10.76 10.28 
101 1/8 U^O M-n 

89 1/2; 16.23 60 

93 1/2 12-67 8J9 UP 


M 7/9 ML® 8.54 
96-1/1 lO^SI 8-35 ' 


60 

30.: 


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«.w t-o v u VJJ® . .. ... - 

197* WWW fj. « :.=T >?- ' 

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«J 3/S 19.® 12.22 
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98 1/2 17*36 10-41 
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49 17.73 13.17 
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6 

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560.0 


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15 

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12.84 



147A 

ai&0B,BxriM.u: of 

** 7/9 11. *9 

10. 1* 

100 

1424 

obofun nwEsaim rot 

C 71 1/A 17.30 13.M 

IS 

19SO 

5BE©8s.iaNcoa< or ra Ub e.as 3.19 

7 

1901* 

USIOH PACIFIC FINANCE 

98 3/8 12. 09 11.94 540 

I5-* 

.«-» 

0-75 

lit 4/19*4 

JJ.® 



99-30 

9.75 

1/10/1999 



100.00 

#.50 

}/ 9/1990 

7.0 

100.00 

I/.7J 

1/12/1999 

12. 14 

492.0 


1478 

UNHBLkn 


70 1/0 10.40 

9.67 . 

500 

19® 

EENOPUN T7WR30EBT BANK 89 3/4 16-98 13.7* 

20 

1977 

VORLD M7X 

97 1/8 7. SI *. A* 






13-6 

®.M 

1.M 

17/10/1443 

12. M 



99-30 

I*. 125 

7/ 1/1986 



loo.oo 

6.25 

15/ 8/146A 







12 

1976 

IWOftlLUHLK IITETW 

74 lft 11.25 

1.8? 

to 

1979 

nun,nrouc or 

9Q 5/5 15.41 12.14 

20 

1981* 

WELD SANK 

102 1/8 8.® 8.57 

225 

1972 

COFEtOACEB.cm, OF 

43 1/4 10. 32 


9J4 

100-00 

7-75 

75/ 1/1043 

13. [A 



100.00 

11.00 

15/10/196* 



100.00 

8.75 

20/ 2/1911 

121.9 

99.50 

6.25 

1/ 1/1987 

12.79 

400-0 


1M0 


30 7/6 11.51 

10.63 

70 

1979 

RKin,tffmu or 

7* 1/6 17.29 15.11 



BTAAITI DIBUS 






7.7 

100.® 

4.56 

25/ ft/14® 

I2.fc7 


70.0 

99.75 

11.30 

15/10/19® 

18-14 










*80-0 


197) EDROPSAJI COAL 4 STZEL ; 
99-00 7.00 13/ 3/1943 

1971 BUFTtf COAL 6 STEEL - - 
98.13 7.00 - 1/ 7/1984 

197) OT0FEA.T COAL A STEEL 
98. SO ' 7.25 20/12/19® 

1471 BBOPW COAL A STEEL 

100.00 1-15 14/ B/19R3 

1474 EDPOPEAH COAL A .STEEL 
100.00 7.75 27/7/198* 

1971 BDIOFCAB COAL t BIEEL. ' . 
99.25 7.73 - 10/10/19® 

1977- RBOFEAE COAL A STEEL D 
J 00. TO 8-30 at 5/1987 

1979 ESROKAB COAL 6 STEEL . . 
99.73 8.75 - 28/ 9/1987' 

1975 EUROPEAN GOAL A STEEL . 9 

99.25 9.00 12/ 3/19® 

29 76 EUROFEAB GOAL 6 STEEL * ft 
100.00 • 9.30 S/l 1/1946. 

19® imOPW COAL 6 STEEL 
99.08 10.00 20/ 3/1990 

1472 ZDRQPEAE ZBVBSVEHT UK 

99 . 00 6.75 15/12/1987 

1971 BDB0PCAS- UTUIEE3I INK 

98.00 7.00 . J 5/1 0/1986 

ii n ei»o?e» p mumi -MK 
98.50 7.00 1/ 2/19®. 

1973 ED40P9AB W T N Wnff EMC 

98.25 7470 1/ 6/ 1388 


l-U 


1.72 


« V( ID. 97 
. 13-6T 
81'1/ft ,14.91 
•' . 32.12 
73 • 13. S3 

. 18.74, 

82. 7/8 10.90- r.T3 

12.19 

W 15. 36 (.61. 
' 19.20 

77 1/2 J3.07 loan 


10 
6-2 
ft ’• 

• V«'. 

is- 


1977 Htr estm fc.ptbp T.750 
99.75 ; - 6.7R 13/ B/uar ' . 


EEAU«D.S67I 
97-70.. -.iTVs .1 


196/ 


«:-37aTB.l5 
tt.oft 
M 20.63 
: • - L2.61 
9* 7/8 26-63 


4 

.9 

IiO- 


11.11 
.ia/ 3/m* •* 

. iin *fii«i«s uit ^. ■ -7^o-ni/3 s.tb 

100.00 . - , • 

is®' saiacn®' '. £-.■ 'tf/ii 1 
9*.n. : 7.rw . m/lMt; o. 

: not.. raa.ciTT. ca • - "n.iii' 

98.00 6-30 WrtO/198* .ft 

- - ' ABSTMLiA* aaia/DK.--. • - 


is -7/8 .11.69' 
' . - • 13.49 


li. IA 
14-90 


1.10 

7.9* 

*J9K 

(.05 

7.70 

7.5= 


M 

ll.O 


-1972 -M*AL fc E4MS7MES BOfc-. OT 1/4 ..9.31 
100.00 6.M ;15/ 8/7947 6 - U.01 

ZETHOtAL FTESL1NC ISSTBS'.- 


7.42 


77-1/4 1 1.0L 10.03' 
14.20 - 

97 3/ft tl.® -9.73 
12-59 . 

85 3/8 12.42 '10.23 


n 7/9 11.43 
13.28 




1/13 /xtti 


'*»:'' 17.35 13# 


95 1/2 11.45 -8.VS 


85 7/8 U.M 1L.64 
13.M . 

W7/8 li.®. (,35 
14.29 
M 3/6 9.51 
11.10 
71 3/ft IA# 

• •• 20.57 
71-5/8 14.02 9J7 
(8.61 


,7.n 


9 -77 


20 
17.6 
SO ' 

4B.0 

20 

17.0 _ 
» . 
17.4 
20 - 


1971 BDMPE4E XB9ES1MZNT BABE- 70 7/4 11.41'. ft.® 
99.50 7.00 1/ 8/1988 . ..13.16 


25 

‘2U3- 

25 


1970 BKDPEAO TB BEga nrr KB 76.1/2 13.64 lft. U 25 
99.00 7.73- 15/ 3/19® 

1977 EBIOPia XNVLSZBERT K B W 7/4 IJ.03 9.® 15 

99-00 - 8.00 10/ 8/190! ■ 13, 

1979 EOOPEM IHPEgngpW . UK 76 12.61 10.53 » 

in. 23 8.00 1/ 2/1991 

1975 BS8CK4S 1WESTMEBT ET 89 13-00 9^3 

200.00 4.7ft . tjf 5/1945' 13-49- 

19® SCFOPZA* OT EO ttEBt BMC M 7/8 U.M 10.97 
in.00 9.73 »/ 1/10® 


mi* EODPEAB OFESTBEffl I4BX 93 3/ft 11.33 12.03 
** “ , 12.85 


9.71 


15 

7.8 

® 

28-7 

26 


1.59 5.09 130 


9.7* 


15 

23. B 


19«9 WKimanmn tt*c 167 1/2 
*7-00 7.00 17/ 6/1944 

l«n MPBUfTtBI U K or 93 9/8 10.91 
100.00 4.25 4/12/1945 11. J* 

1981* MQBTMAL-CrrT OF IM 1/1 13.04 13.15 

99.73 13.25 LD/1 1/1948 - 

t«79 mrrcicz w or sohak ss 3/* u.u 10.37 


6® 

130 


20 


20.4 

12 

1-4 

15 

7-1 

12- 

4.4 

15 

1S.3 

V 

29-0 

V 
16.1 
40 

34.0 
22 

32.1 

24 

IA.B 

32 


100.® 9-00 li/ll/l**! 

1941* 44BUH4I EA«BU 
in.® 11-23 1; VI 9® 

19® ftauu ananuouK 
99.® 3.® 15/ 1/19® 

1*71 MMCftS — 811 ® 
•8.75 7.75 15/ 3/1486 

197* OBLO.CtTT or 
M.M 1. 873 1/ 4/1992 

1975 OSLO .an OP 

94.50 1.25 15/16/1 W5 

1978 HaHUUmLXC or 
97-50 4.2S 2/10/1*93 

1*74 


12.15 
97 7/ft LI. 47 11.® 
12.01 

165 1/1 4.K 


123 

I2S.I 

130 


1 ® 1/2 


5.61 


75 

44.8 

130 


Karan asm bbo u nk 

4.75 22/ Z/1*M 


1979 OMSftC.n0>X4C( 0 T 
100.00 4.23 17/12/199* 

1478 S*ft.R- - WAKE 
99.M 7.00 5/ 7/1949 

1979 ),D.|. - FRANCS 

99.® 8-30 27/ 6/1044 

1975 


«.»-«- - me/ 


8t 1/8 12-27 IS.-** 
14.00 

® 5/8 Jl.U 9.® 

12.36 

70 13-59 11.47 

14.66 

« S/8 12.88 14-73 

24.60 

H 7/8 12.20 ll.» 

, l2 ’ 7 * 

70 7/4 11.83 9.95 
n.*3 

79 1/1 12.64 11.® 
13.® 

14 ?/* ll.i« 9.92 


125 

73.0- 

7ft 

tt.0 

10# 


IM 

70.0 


IM 
76. J 


. 1979 CAZ DC FRANCE 
99.® 11.00 30/10/19*4 

mi* BAl DC FRANCE 
100.00' 11.875 15/ 2/1986 

1979 IH FRANCE 

99.50 11.475 24/12/19® 

1980 LA ft»0Rt 

99.M 14.379 23/12/1989 

19® mUO.DTB STATES OF 
100.00 14.00 1/ 6/1903 

1572 KTOEAL CA33BUC SCHOOL 

94.23 7.® 1/ 5/I98T 

1975 BATIflftALK DBS 4DIO SB} 

100.00 9-/9 1/ 7/1*87 

1972 wncmn BEs-Tunm 
100.M -- 1i90 1/3/19® 

. I97J.-Ba ZEALAND .OORT or 

W.D0 7.35 1/ 0/1*87 

1979 BOdltf.nKMI or 
100-00 9.25 20/ 2/19® 

1972 ftOU SCOTIA. TTOnBCS 0T 

49.23 7.® 15/ 7/1987 

1972 OSLO, cm Of „ 

99.® ' 7.2S 1/3/1997 


90 3/4 15-30 12 . 12 
93 U 0 16.31 14.90 
90 7/8 14.® 13.07 


*1 3/8 17.57 15.73 
18.41 


A.0 

6 


91 3/8 17.41 lft.® 


04 7/8 17,94 11.21 
20.54 

91 1/4 11.® 10-46 


«3 3/8 14.3ft 8.4* 
20.39 

69 3/4 16.21 IQ. *5 
20.32 

Oft 7/8 15-99 M.4i 


1977 AFRICA,: DeVELOFREfr UK 

140.00 ft.7S 15/ 5/1987 

1977 AFRICAN DCmflPKEJT SANK 

1 00.00 8.50 15/ s/mr 

1979 ASEA 

94-75 A. 00 1/10/1989 

1975 AD70FUTAS 03.1 BM 
99.50 11.03 ,15/ i'lW 

1077 AST0P7ST 7ASC0-AVACA RN3 
100.00 8.75 15/1 1/1987 

1978 MKO ISAS CH> KOAL 285 

KKJ.M 8.25 15/ 4/19W 

]978 JA5C0 RAG Dt <*JU I Eg; 

joa.n 4.25 15/ 4/i9® 


91 1/3 11.43 7.SO 
ll.Jft 

97 ]/■ 9.19 8.75 


1Q0 

1® 


19® 

lM.no 

INI* 

99.00 


EKBTCETFlMftS 

10.25 15/10/1995 
aSPORTTOARS 

11.25 15/ 6/1904 


8* 5/8 11.06 9-45 
12.14 

96 1/8 11.50 IMS 


NORDIC IN VIS VERT EASE 
10.00 15/ 171965 


1976 1A3CO 5*0 pf. HUS Ml 
99.7* 4.50 u; -,'10U 


191 


I ANA nATOUMT w =*S& R81 
99-TS B^S 15/2/19(6 


1981 ornssnen edstmuabk 
100.M 16.00 15/ 2/1*86 


67 J /ft 17.02 11.08 
20.9* 

6» 1/4 16. M 10.47 
20.84 

*1 16.40 15.05 


19» FAHBA5 
100.00 10. » 


173 


U-ft 

100.03 

9.25 

15/12/14(1 

12.11 


175.0 * 

25 

19T5 

M-B" - tuta 4A ■ 11.2 = 

16.16 

1® 

17. a 

44.50 

4.50 

st saw 

72.03 


61.0 

90 

1474 

s. r-r.B. 

7 

8 7/8 J3-0A 

10.54 

125 

40.0 

44. M 

(.25 

16.' ./1 999 

U.AA 


(6.0 


15/ 7/1912 
I97t p.f. A. roHmit -evnaa 
101.® 9.75 1/ 2/19(7 

1972 FOBT-A-9WH50H ■ 
100.04 7.50 1/ S/1987 


W l/l 14.78 U-55 


73 V* ».!? 23.32 
20.47 


ID 

4.0 

in 

10.0 

10 


1977 EASE B43DUKT S UA15 287 
M.N 9.00 1/ i/1987 

p» sqcc «rr 2C0i: tcsistb 
99-50 S.W 15/12/1985 

1970 BODE ,9AI 3'4LCCUE SB 3 
100.00 3.JS IS' 6/1990 

19.’? sqcc a*7 n-Aii trair 
in.00 8.30 1/ 7/L983 

1979 2.9.P. 

100.® 7. 75 14/ 6/19® • 

19/9 SAT ALCES2E 3471047 CSS 
100.00 8.® 15/11/1910 


96 i/B 9.® 9.10 

90 7/5 9.89 9-09 

91 lift 9.72 9.N 
91 3/4 11.15 f-3o 
8T ; VON 10.06 

86 17.95 10.47 


in 


237 

112.0 

100 

100.0 

100 


1*80 
100.00 
1981 • 
19. 50 
1475 
100.00 
1*40 
100.00 


Nordic mEsnorr mki 
10.00 15/ 3/1985 


E0BDLC gr gS WBft RANT 
10.25 1/ 4/1486 

ncwis np«mLBA.it 
8.75 1/ 7/l«: 

RCQUECIAS IRMXEACt A3S0C 
10.50 15/ -mu " 


91 3/8 13 
93 5/8 IF* 

92 1/t 13, 
92 3/4 13, 
91 13 


SO 11.22 
■29 12.05 
S3 10.84 
02 10.78 
16 11.26 


600 

340.0 

A«0 


69'. 1/2 ir . TO 
,21.11 
70 3/* *14. 9*.*. It 
20 JV ' 


97 1/8 1 1 — * L 


14M 

94.50 


OSLO, CJTT OF 

9.75 15/ 1/1946 


96 V* 4. 

.in- 

90 V* li. 
13, 

89 7/8 1J. 


i! 9.M 
» 


72 11.57 


600 

120.0 

BOD 

*80.0 

*00 

100.0 

•00 

280.0 

500 

500.0 


99.0* IU50 . .3/ V198I 
1972 <X4 TO mtHOUSiM ROTS L 
99.25 6.75 1/ 9/1987 

1972 I MOST TONS » FXBLASS 
»■» 7-00 15/10/1947 

1976 UCBDDBBLU FINANCE 

100.00 8.50 10/ V194) 

1975 INEEBBRUl F0U8CE 
100-00 9.® 15/ 4/1945. 

1972 W STANDARD ELECTRIC 
99.00 b.M -* 1/ 0/1987 

1977 inuo ra 

106-00 B.M ' 15/ L/l 947 

197] WSIGMC BOX K'KBHC 88 7/8 9-81 
99.00 7-50 WU/I*8t ' . 11.26 


15 

15.0 

». ' 

17.0 

li- 

11.3 

30 

28.9 

IS 

10.0- 


1*80 AC0® - f 
19.® 14.00 : 

1*80' a.B.P. •. ;•••!■; f -ti'W 16-82 15-86 

100.00 7 5-50, 15/ 1/I9M 

1480 BMEFICLAL ofs TrtASCK * JJ J/l D.U 16^9 
100-00 IA.19 '15/ -5/1990 ... v ‘.-: 

1980 StXEFIClAL W 6 JTRWCE # BJ 5/8 17. 60 16.6ft 

99.50, ,U;2V . 10/12/W90.' . . . - 

. 1974 CITiaaP o/i'VSP ';-.'7*-7/8. 1J-6B J4JJ 
•99.® 10.00 IV 5/1991 - I"- 1S:J9 . . 

19*0 CmcORF O/B Td ' / . '■>. JO 15.V iino 

100.00 - 13.50 1/2/19® 16.51''-. 

’1*77 cooKTABWiftr'rtu ‘ 5 ri i/t i6.*e 13-M 

48.00 9-J5-. 15/12/198* ;• , m , ■ 17.72 

1977 EDRQPTAN COAL A BTfB. + ' 7j"T/8 -VS.*! il.& 

- 100.00 9.6ZS, . 1/1Z/19W -. ■ ;-.:l9.67 . 

' - 1980 MSOPTAD-COAL-'t'STaL’ P-.-’j 0 t/8 15.95'K.® - 
100.00 13.50 23/10/1988- 

1978 WKa-bnisfnBir s* « 

100.00 9-79' a/2fitt* ;- . 

irn - raumsar V: S 

99.73 9.75 . . 15/15/1092 : . 

1979 • B840PEAH-3M9 E 5 1MB I K j 

99;M 11. SO- . 15/ 6/1991 * 

.1979 antwEAir -avueuBc *x i 

100.00. . J2-00 15/7/1061. ... 

19® EDMKM'imrmHrr MBS AS l/« lfi-1* L5u( 

99.50. 13.00 3/ 3/1901' .. 

1978 TDlAB-BAAT D’ORaJODCK Jft tfi, li.2S X5.9t 
10-25." ■** 


76 i/ft 16.21 12.81 
■ ' -17.T8. . 


*8 16.® 14.2ft r : 

79 «2 -15.79 M"*7 . : 


79 5/8 16.32 15.97 
16.73 


99.® 


15/ 3/1990, 
1077 .miANCE FOR URWTX1’ , 
’ i5rtVl®7 


I7.» , 
c 77 S/S 15.94 12.60 

• 1T.*5..- 

"lifa 15-87 15. a 
-17,16-. 

" 8ft S/B 15. 8(16^0 
. 16.16 . 


9* i/ft 9.30 
- 9.59 
69 15.42 

... ' 21-/2 
B ’ 97 1/9 - 9.01 
■ ■ 9.41 


4.75 

9.00 

9.® 


44-3/0-15-90:33-05 
““ K.W- 


■20 

IB.S 

15 


B.S9 

ft.® 


1M0 

lOO.on 


'KW.'UTT or 

10.15 16/ 2/1990 


J»l* 

m.cw 


UMUI BA.-12 

13.00 JB/10/1966 


SI 1/4 12 
It 

92 7/1 13 


19 I0.CS 

W U.5J 
07 

39 13.15 


SOD 

5W.0 


1974 BONCES HBBBIBA1MSE 
99.90 . 8.00 6/12/I9M 

1972 DSLO.CITP or 
99.35 6.75 39/ 9/1987 


9.32 


50 0 
iAO.O 


50 * . 

3«0-0 


- 19T9 OSLO. CITY or 
79.50 ■ 4-00 10/ 4/1989 

1*7? o%o.arr of 


93 7/9 11.99 

■ ■- .»i22 • 

? •*.-’ . *'» 

■ . U.Aft 

: M -3/1 ii-Al’lD-oi 
: 14.61- 

9.93 


50 

A7.S. 


10. 

9i.0 


a. ■ 

21.5 


W.M 9.75' 

197B FtNANCC POft QRHE.TRT 
100.0* 10.60 15/.3/1989 

1979 msec ma oam sa r 

. 99.a - 12. M . u 7rt®9; 

1*79 TTRANCt .HIE iwUfcUU 
100.00 13.00 .«/ .3/1991 

. I**!* rtnnn-'moRx c*ratrr “ : »i. 3 /a-2oa£-. iftra 

100.00 ; 13.75 1/ 4/1986 -' -’ ■ t- . 

itrf- rutasr-uT rn 7/8 Hj3 uj/ 

100.00 1D.T9 16/12/1987! -.-T" _ 

1979 , 46 3 X 15 . 7 ft U # 

10M0 /. I2.U ;1J/ 4/rittr. . V.16,3 7 ; !, 

1478 Clisrsan DOLblNC-RT - : 76 1#2 O# T4^38 . 

.100.00. U.M’ iv-vjwft'. ■■ r. ft.K ’ 5. 

, iw Qw 7STL KSLOIOCi" / ' “ 

100. M- 1 t.ba ;- tl 

19® 


73 i/i «#;Oisr 


-PEBCBOT . 


M 3/8 11. ft* S.9S 
1!.I0 

f. 1/8 9.65 t-K 


93 3/4 12.46 
14.93* 


LTZW04C nr/BCS 


97 5/ft 10.30 8.71 
11.36 

M l/B 10.98 9.21 
12.*' 

95 3/411.19 9.94 


67 1/4 17.10 1U19 
22.99 


1972 ffUXBEE.PlOniCE Of 

100.00 7. 50 15 / t/ittr 


871/2 17-10 lull 
2J.4A 


8 

5.5 


» 

3-3 

30 


1964 j GOTLAND B1WD/SLECTRTC 17N 

48.00 I.® '0/I2/I48A 

1970 uora imcAjUFiaLK. of 170 1/1 

98.00 1.75 30/12/1481 

1471 ITRXSPDREOr- 

94.00 f.JS 2* ' 1 2/ 1485 

14® KUI K 
94.00 4.® 


5.74 


80 

49.6 


1972 tan 8«B> CDBCBEK 
®.M . 7.75 25/10/1587 


64 V* 18.® 11.97 
21.96 


7 

A 

10 

10.0 

u 


.i2 7 2. *** autoe 3Ane*T ssi 
100.W 8.75 15/ S/1986 


6.28 


WW 

151.0 


OF Mf.VAT 
5/ l/l 444 


55 7/8 10.81 9.73 
91 3/8 11.30 10.47 


Li 


1469 MJ»T SAM IN T FIE 
.7.® 11/6/I®* 


J»I in 


5.06 


100 

70.0 


fetch nwn 


15# . 
BM 


1980 ABDAXT DC MBS 

lSBLftft 13- ICS 20/ 9/1907 


MO 

57® 


1975 ABBUnUE • T 

99.25 10.00 V 5/1905 

1979 AS HUS* , , _ 
9f-50 H-00 1S/9/1M* - 

1961* AS nuUCft 

loom u.50 w/ Si MS 

1981* 4AKUOEICA ,0/p ni - 

100.® i*.» M/ 4/U08 

1*81* MAA . ^ 

54.50 - m VMM 


85 7/8 17.14 U.M 
17.82 

87 9» 13.11 11.44 

18.9* 

H 1/4 13.19 72.09 3M 


M0 


08 5/4 58.61 IS. 40 


M®4 18.(1 (Oft 


« as 36~4f B.N 20ft 

HM 


1972 EBUBU 

94. M 7.25 15/ 3/1987 

19» VE84KX , _ 

1 00-00 4.75 V 7/11*5 

19® ( V A ULT , 

99.5ft 11-423 21/19/1985 

1972 MME-HHUS 

MO.® 1.50 15/ L/l 907 

1979 WBftftODlEMOftr-lWB’S 
100.00 9.73 IV SAP® 

1179 touts ez ea 

100.30 9.75 18/ 4/1997 

IS* SD(MX A OF , * 

10ft. 25 U-79 1 V VOW 

1960 M.e.1. - T 

160.00- 11-Ms iv mm 

1573 UK IMffNI Fir 

99.30 UD 15/ 6/1960 

uto i>iHR,nsEoai or _ 

106.® 12.(73 1/ 8/198C . 

1981* 8SWMR BHB MDff 
14-625 V A/1000 . 


69 1/2 16.50 10.43 

20.56 


81 3/L 17-13 11.93 
90 3/4 17.10 15-01 


10 

16.0 

ft 


68 1/8 17.22 11.01 

21-53 


6 

6.0 


78 1/6 17-27 12.46 

n vs u-a uni 

ft lit 17-26 1M8 

M 1/3 M®» K-W 


7 

7.0 

7 


M 


* 

6® 


1379 CX.C.E. 

100.00 9.00 15/ 9/(991 

1974 CBSMUMP ENTR S PL0 M7 
n.W 1.125 15/ 3/1991 

1979 CRBJT LT0SUIS 

94.50 8-00 15/10/198? 

19 7» CREDIT 11008 LL 114 
99.S 8-3:3 1/ 8/io« 

1976 CHS II UCOBILIEJ Id 

99.50 8.30 1/ 7/1W4 

1979 CBQ1I OBOSU.IER 
99.TS 8.7S 14/ 8/19® 

1981* CRZ0T7 BATlipuu. SEP 
91-16 10.00 15/11/1991 

1978 ftftTT BK WtLlFPUES S8I 
99-75 B.M 1/10/19® 

1976 wEtmok _ g BASIL 563 

in.2S 8-25 15/10/1990 

mi* BBurai 
99.2S 11.06 30/ 4/l**» 


9Z 7/a !0.99 9.*i 
12-45 

82 1/8- lO.nZ 9.76 

11.0( 

(6 It 8 10.56 9.41 


84 1/4 10.62 8-«« 


87 3/8 II.IP 9.59 
11.89 

91 U9 16.12 4.}] 


89 3/9 10. SA 9.79 
11.69 

*1 V8 11-10 10. 01 
11.87 

® U 4 lO.lt 9.J5 


89 7/6 10.22 1.26 


H 3/1 M.U U.M 
11.73 


62 US 10.37 13.80 
24.38 

H 3/4 56-46 14.11 


1978 HHR3B ZSPQBT esart 
. 100.00 7.25 15/ 5719-3 


94 3/1 U-13 1 JU 


ft IA B.t4 IMS . 
17-44 


5 

S.ft 

6 

U* 


1979 rvBisa MjnciPALnas 
99.50 7.® 1/ -/1989 


65 S/4 10.43 6.76 
17.19 


1979 KBU3S.BEPmLaC OF 

ra.ift •>» uiuim 


r 94 1/0 1MT Bn*. 



Aiao 

9.15 33/19/15(7 

Ann s ouaa 
. 6.50 16/ 6/1987 

ABED FU4KX 

".25 20/10/1943 

abso ratter 

R.75 30/ 7/198* 


asun wmvrajn m 

6.75 25 ! -/I 987 


BEBSE9,niTT or 

*.50 10/ mm 

BORMAN OIL 

T.n to! n/m: 
COPESHATES TELEPB0SE 
*.00 24/ 1/14® 

C#Klfl*#EB mcnen 

*.;? 28/ 2/14® 

ciniSGn. of anon 
r.oo 13/ i/m? 
CEEurr l 70 Buis - a 
u. on 30/ 1/1988 
artMAfii. Escrow nr 
6.75 14/ 8/1487 



86.1/8 
M 7/8 
91 7/8 
(7 7/8 
86 
?o 

72 1/2 

76 1/2 
7S 1/2 
26 3/A 
M 

70.7/8 
» 7/8 
67 2/6 
fTtfk 
8 S lit 
79 3/8 
H ft/8 


12.78 10.7* 
J3.J3 

15.39 9-*A 
21.69 

13.79 8.® 


JOT 


794/1 

933/8 11-23 9, IT 


9.96 


14.91 
15. H 
10-61 7.9L 
13-68 

13.34 10-71 
16.97 


W0 

aw® 

Jon 

500.0 

soa 

370.0 
500 
* 00.0 


69 t/2 15.17 -ft.71 
- - - 21.03 

W W U.D0 M.I2 
16.22- ' 

63 


15.47 L1Q.S4 
18-73 


'90'VA 12.13 9:70 
■ - 14.56 ' 


500 

200.6 


U.67 9.66 
26-15 


300 


13-91 10. A* 500 
13.90 10.91 SOT 


1308 9.24 500 
17-7= 500.0 

33.45 12.0* x*> 
500. 6 

I A- TB ft. 52 2SO 
20.34 

15.03 9-77 500 
.500® 

13.91 21.19 - . 


99-25 8.50 - 4/ 3/1147 ■ 

1979 paiiifs mr to.’' 

100.00 1.00 . * V 5/1989 
1975. najB ax ra 

1 00.00 ,9.73 IS/ 5/2945 

. 19U REED OTBHATUBAL 

94.00 6-79 10/ 9/1*87 

1978 EWAIILT HXSrtVttt . 

100. 00- J..7S 11/7/19® 

1475 KDABS rZMBA 
103. M ,8.75 . . 6/ 7/1)85 
1975 ft-D-B- -* 78MCS 

100.00 8.75 20/ 8/1485. 

1972 SUXtt itum MX Fflf 

99 . ot 7.2s- ivia/im 

1478 SOUHfX FOMC6 8.V. 

99.50, 8®0. 10/11/1985 

1980 90KUT PlfttlCE 

100.25 10.7J. JV J/1967 

inn mBEBoufjCm of 

J0O.00: 10.75 15/ A/1946 

1978 gram HffESTHHTT T/KK ?; 3/* L3-27 Kj r 3l 
99.50 8.00 6/n/lftW ■ ; "-;15.0fc- 

- J460- srrnss nTTKWr aats - 9S -ifs 12 . n Y*. il 
MO.® fl-25 ,18/ 6/lUft . 1J-24 - . 

1974 TW POSER : - > 81' ' .’14.80 10.4* 

100.00 fl.sa . 30/. 4 / ism ■ ■••••■•. : 

197ft rauo 

1OT.OT 9.75 23/1171907 

UK BlWS ■ 


11 


: Bi-vsiu.iA i s®». 
- - p '..xuttv 

:9ttf4“l«®S-l}.H 


i=: ■ 

U-t 
'lft : 
16. ft' 
U . 


1480 KnSSC«Ilft7JifWT i aotT'c; 


J8.M I - • ;-V 


1 

■) ’. 


is- 


17.36 11,13 
24.08 


■ftSi/s iz.fr- 9.3t 
9* 3/6-12.90 H.H 
M;W 73.69 Vl.75 


30- 

25 -. 


15 V;. 

-18J- 


ija’-ra rasss^.-’ii^B^' 

■ 19T* SIUS INT-TTN. " ? 4/8. 36.30 

*00.00 . to.n/ -«/ 2/i**;' . - 7-.- ."Tv-- 
.I?!!! : » , h' own'; . : v . 

100.00 •Ll.73'1 'IS/ 3/19M’*' --. :•> ' 

- 100ft B>offlLEa»*r cumrr 

:;in-w_ - 152* : iy -4/1, 

•1977 : " "■ 

iw.oa 

'■- i?!!-*™* “ALXK maiBCK p~ B^X - 

99.56 14. 25-14/- A/fTflfi- — '- -- - ‘ 

w« ftftixin* L GO . ^ 

«».«> ■ «/..»:- nf s/wf?. -# 

' STOLHG (L QATTir: tM-nt - 


1 .- ‘ 
J 


L «*»■ -*5/ 4/I9B5- 1 . • i : * T ‘ l?i v" - 




i«So V 


- « - i. 


4*9/6 13-15 1!. M 
' ■- 24.B - 


I s/mo*® .yr.r- try-.- 

... --Sr^ "\- r ij • 

BPecm. B44gJ9 BS(is(r ' -- T\-.. 


12.75 1U3 . 

12.82 V " a 

10.(8 0-U - *» 
1305 SM 

13.51 W! J® 

IS.74 

12.38 1Q®2 ■** 
22.64 

.’ ... 100 

100 ® 


I^0O W * 8 ^^/^ K, * 

on jtx asaa urac at •> 9.97 -*j. 

100 - 00 . 8.75 IS/ 6 / 1)67 . ',' 10.83 

-1977 W Ei mFg OKMOn il -0t : ~)»-M u 

260 - 00 ; 9 -» V S/IS 92 ’ * . ; . ■ 

1977 imocm " m k jrf i.u u* 
W® »®0 V Art 467 LSI — 


:: : 

Wi yain nr umg if^-' - J - 





.j- ,- . . ,f • -.i';! 

•• ; - r wMj&i 






ft .' \ 

p.!‘\ 


: 


* . \ 

k>. 


*% ADELA 78/83 ...... 

7k% ADELA 77/82 PP. 

7% ADELA 77/82 PP ... 

TV’/. African 0 mr.- Bank 79/88 V. 

8% African -Dev-. Bank 79/87 — _ 


fi*}% Airport Paris 69/8* FP (GJ 

7V% AKZO 78/83' PP 

B% AKZO 78/M ~w-~ 

fftlVAKZO 79/86 PP i-i-; 

9% AXZCT «V» 

8V% AMur Inti. 75/83. ..' 

6**%- American Bxpc, lBfL-79/87 — ... 

6>a% AMEX Inn. 77/M pp.„ 

n% ARSED Finsnc* 76/89 -PP— 

6V%. ARBED Finance 77/87 ..... 

7*2% ARBED Finance 79/86 PP ............. 

9% ARBED Finance 80/87 PP 

6V% Ardal-Sunndal 77/89 PP ..^... ln _. 

TOV% Ardal-Sunndal 61/99 

7**% Argentina 77/64- 

B>j% Argent in e 78/65 

fi*i% Argemuna 78/88 __ 

7H% Argentine' 79/89 

7% Aann Dsv. Bk. 89/84 ... I. 

8% Asian D«v. Bk. 76/82 

7V% Asian Dev: Bk. 76/83 PP ... 

7% Aslan Dav. Bk. 77/86 ..m.m.:— «, 


BVt Asian Dsv. Bk. 80/90 
10%. Aslan .Dav. Bfc. 80/00 _ 

10% .Asian Dav. Bk. 81/91 

10V% Asian Dsv. Bk. 81/89 ....... 

7*i% An mar 73/88 (GJ 

9% Amnnr 76/64 (GJ .. 

7V% Aumar 77/84 (GF 

B**% Australia 87/92 

«.% Australia 68/83 ; 

6*2% Australia 69/84 

7V% Auttrana S9/B4 

7% Australia 72/87 

8V% Australia 75/82 I PP 

8V% Australia 75/82 ll PP 

7V% Am Valia 75/83 

54*% Australia 77/82 PP.™......, 

5V% Australia 77/89 

6% Australia 78/88 .... ....... 


6V% Auatr. fn«f. Dsv.' Com. 72/87 ..... 
7% Pop. of Austria 68/B2 ... - 


8V% Rap. of Austria 76/83 PP ............... 

B*»% Rep. of Austria 7S/87 .. 

7V% Rap. of Austria 76/86 i 

6V% Rep- of Austria 77/85 


5V% Rap. of Austria 78/88 PP 


7% Rap. ol Austria 79/87 PP .. 


8V% Rap. of Austria 80/88 PP 


8%. Autopfataa Eapanoia 71/86 (G) 

BV% Autopistas Es panda 72/87 (GJ 

7V% Autopistas Eapanoia 79/85 PP (G) . 


— 95.00 

7.37 

1734 

0.60 

1. 832 

- ffi.00 

9.12 

12.40 

-434 

1. 6.88 

87 JS 

9.17 

. 11.10 

5.75 

1.1137 

■- 93.75 

6.83 

11.02 

1.57 

1. 3.75—640 

— 95.25 

8,14 

11.71. 

1.34 

1. 633 

— 8035 

6.72 

1133 

2.17 

3. 434 

8530 

7.80 

11.10 

409 

1. 336 

... 96.05 

3.47 

839 

8.29 

IS. 5.86-80S 

- 9835 

8.35 

9.42 

0.99 

1. 831—630 

85.70 

e.« 

9.22 

4.96 

15. 137 

... 82.50 

7.30 

10.78 

2.17 

1. 43* . 

84.00 

63* 

11.68 

1.75 

1.11.83 

82.75 

8.10 

1120 

534 

1. 833— fl7S 

— 8330 

8-0* 

12.48 

4.67 

1.1036 

- 03.25 

1030 

12DB 

5.34 

1. 6.87 

- 88.50 

7.63 

10.69 

3.65 

1. 7.82-890 

— M2 30 

10.49 

10.23 

7.42 

1. 739 

— 90.50 

839 

11.81 

2.87 

1.1034 

— 8430 

7.87 

.12.75 

- 3.09 

1. 335 

- 7630 

850 

13.66 

4.63 

1.1134— 88D 

— 79.25 

9.46 

1131 

■ 735 

1. 5.85—885 

■- 99.50 

7.04 

734 

2.59 

1, 9.75—84S 

■** 8835 

8.01 

3M 

0.09 

dut 1. 3.82 

37.15 

7.98 

10.41 

1.17 

1. 4.63 

... 9235 

7.59 

. 935 

3.17 

1. 43S 

— 79.00 

636 

10.19 

6.25 

1. 5.88 

... 8525 

8.50 

10.13 

7.50 

< T, 639 

SO 30 

93S 

10.04 

8.7S 

1.11.80 

— - 88.70 

10.03 

1004 

8.25 

1. 5.90 

■“ 99.90 

10.01 

10.01 

9.17 

1. 4.91 

— TO2.20 

10.52 

1030 

7.71 

15.1D.B9 

- 91 JS 

8.22 

1036 

335 

1. 2.79— 08D 

- 97.00 

9.28 

1035 

2.54 

IS. 8.77—845 

— 9230 

838 

11.42 

2.42 

1. 7.34 

■“ 99.60 

6.53 

7.01- 

0.75 

1 .11 .73— 82S 

99.50 

6.78 

7.23 

1.50 

1. 3-74— 83S 

— 9930 

6.63 

6.S9 

2.00 

1. 2.75— ®4S 

— 99 .DO 

732 

700 

2.75 

1,11.75—848 

87.00 

732 

7.76 

5.00 

1. 2.78—875 

— 99.50 

8.29 

11.00 

0.17 


- 9930 

-8.31 

10.86 

035 

duel. 5.82 

-- 99.00 

732 

8.23 

1.09 

1. 3.83 

— 97.00 

5.41 

10.01 

0.07 

1.1032 

— 31.60 

7.05 

S.1G 

7.75 

i.ii. as— S9S 

— 85.75 

7.00 

8.84 

6.59 

1. 038 

... 94-50 

8.47 

S.25 

5.84 

1.12.07 

— 94.75 

8.58 

9.06 

8.09 

1. 3.90 

... 99.25 

8.45 

9.49 

9.87 

15.12.91 

.. 91.00 

7.42 

10.25 

3.11 

1.11.78— STD 

... 99.50 

7.04 

10.18 

0.17 

due 1. 4.73 — 82S 

.. 97.00 

6.70 

9.46 

1.17 

1. 4.75— 8 3S 

- 99.50 

8.79 

11.47 

0.17 

due 1. 4.79 — fi2D 

.. S9.7S 

8.02 - 

9.27 

1.00 

1. 233 

.. 88.00 

8-93 

10.60 

1.17 

1. 4.79-830 

~ 87.50 

8.72 

9.10 

5.25 

1. 5.78— ens 

- 95.50 

8.12 

9.05 

4.26 

2. 6.83— 86S 

- 95.90 

7.04 

8.26 

3.17 

1.4.83— 85S 

- 91.75 

7.63 

10.52 

2.82 

1. 1.83— 67D 

91.00 

7.42 

10.51 

2.90 

1. 2.83— 87D 

- 8530 

7.06 

10.77 

4.02 

1. 9.84 — STD 

.. 84 DO 

6.85 

10X9 

4.36 

15. 734— 8BD 

.. 78.75 

7.30 

9.41 

8.75 

1.11.85— SOD 

.. 92.00 

7.3* 

1D.40 

2.59 

1. 934 

.. 85.75 

8.16 

10.48 

6.59 

1. 9.87 

.. 85.00 

7.35 

10.74 

4.35 

1. 2.84—990 

.. 85.00 

8.53 

10.16 

7.59 

1. 939 

-■ 93.50 

6.82 

10.13 

439 

20. 638 

- 91.50 

9.02 

10.10 

6.39 

29. 6.88 

- 90.00 

9.17 

10.05 

839 

2D. 6.80 

.. 87.00 

8.91 

10.07 

6.54 

1. 8.90 

.. 91.50 

9.02 

9.81 

8.03 

1.10.07— 82D 

- 89.00 

7.87 

11.53 

2.96 

16. 1.85 

96.50 

7.51 

9.00 

2.42 

1. 7.73—845 

.. 93.50 

8.66 

.11.27 

236 

1.10.77— «0 

.. 89.35 

7.55 

11.06 

3.02 

1.10.78— 07D 

.. 90.00 

8.06 

11.25 

3.09 

1. 335 

.. 81.90 

6.90 

13.41 

4.09 

1. 3.86 


WestLB SD Certificates (Schu(dschein-index) 

5 years maturity: 9.90 76 


8% Banco N. Obraa 71/86 (6) ............ 

7M% Banco W. Obraa 77/82 PP (GJ ......... 

7% Banco N.‘ Obraa 77/82 PP (G) 

7% Banco N. Obras 77/84 (G) 

5VA Bk Amarica Oven. Fin. 78/90 ......... 

B% Bank of Tokyo 79/86 PP _. 

7*j% Banqua Ext. Algeria 77/83 — .. 

. 7V% Banqua Ext. Algorta 79/85 .... 

7»«% Banqua Nat. Algeria 78/83 ............ 

6V% Barclays -Overs. Tnv. 79/89 

8% Barlow Rand Inv. 78/82 I PP ...... — 

8% Bartow Rand Inv. 78/82 II PP ....... 

7*,% BEC Finance 7B/B3 PP — 

8% Beechem Fin. 76/83 

10* 2 % Belgeisetric Fin. 61/89 

11% Bslgslactric Rn. 81/91.... ... 

8V% Bergen 75/85 ..... 

7V% Bergen 77/89 ............................... 

8**% BFCE 75/83 (GJ. ... 

8VA BFCE 78/84 (GJ ~. 

7% BFCE 77/87 (G) ... 

5V% BFCE 78/88 (GJ . 

7V% BFCE 80/87 (GJ 

8*«% BFCE 80/95 (G) ■wa(MMiauaM|a*ii|«i*«alM 

8**% BNDE 77/87 

6VA BNDE 78/86 a*o« — ■ - - >»• ■ • - — - a •• a mmm mm m 

8V% BNDE 80/88 * 

6V7. Borrego a rd 77/84 PP .... ........ 

8*2% Bros can Infl. 73/88 IMaaaaaalaMIKItlami 

8V% Brazil 72/87 

8*% Brasil 76/88 ... 

7V% Brazil 77/8* ... 

6VX. Brasil 78/85 

7*«% Brazil 79/67. — 

8% Brazil 79/87 — -l ................ 

9V% Brazil BD/8B - 

W»% Brenner 6B/B3 (G) .....i 

5V% Bruxellaa-Lambeit 77/84 PP 

B*z% Burmah OH 70/85 — . 

4V% Canada 78/83 . — 

5% Canada 78/64 ... — ...... ...... ...... 

8% Carts berg -Tuborg 77/87 PP — 

8*3% C.C.C.E. 75/85 (G) ........ 

8*a% C.C.C.E. 76/86 (G) 

7% C.C.C.E. 77/89 (G) 

6**% C E C A BS/83 — ; u:.-... 

7*,% C E C A 71/86 

6*2% C E C A 72/67 

7% C E C A 72/88 

8H% C E C A 73/88 aaftlMm iHaaaaMa-iMi i i»aaa»i 

7\% C E C A 73/88 . 

8*2% C E C A 75/32 PP i. : 

8% C E C A 76/82 i 

8*2% C E C A 75/M 

7V% C E C A 78/83 

7V% CECA 76/88 - 

8% CECA 79/88 

5V% CECA 7S/90 

B% CECA 78/90 PP 

7% CECA 79/91 

9*,% CECA 80/88 

7*a% CECA 80/90 

7V% CECA 80/92 ..... 

10% CECA 81/91 ; 

9V% CECA - 

9V% CECA 

7V% C.E.D. South Alrica 78/82 PP (G) .. 

7%’ CESP 77/87 '(GJ 

6% Chase Manhattan Ov. 78/93. ..... 

7% Chrysler 69/84 ... — 

B\% CIBA-GEIGY ex. W. 75/85 PP 

6>*% C.N. Autoroutea 69/84 (G) ............... 

6»a% C.N. Enargia 66/84 PP (G) 

B**% C.N. Tfllacojn. B8/83 (G) 

8*2% C.N. Teleeonr 70/M (GJ : 

7V% C.N. Telecom- 78/83 (G) 

6V% C.N. Telecom. 79/B7 (G) 

7*»% C.N. Tala com. 79/87 PP (GJ 

7V% Comaleo .71/86 . 

7% Com. Fed. Electr. 77/82 PP 

8% Com. Fed. Electr. 77/84 

7*,% Com. Fad. Electr. 77/85 

6V% Com. Fed. Electr. 78/88 

B% Commerzbank Int'l. 79/B4 PP 

4V% Como. F. Dautseha Bk. 78/83 PP 

S% Como. F. Deuteclia Bk. 78/BA PP 

8*2% Comp. Franc. Petr. 75/85 

8*2% Comp. Franc. Potr. 77/84 ...» 

8*2% Consorzlo 70/91 (G> 

5V% Copenhagen 64/84 . 

7% Copenhagen 68/83 

6*4% Copenhagen 86/84 

7V% Copenhagen 71/88 

7*2% Copenhagen 78/86 - 

8% Copenhagen 78/90 

7% Council of Europe 73/88 - 

8*2% Council at Europe 76/83 

7V% Council of- Europe 76/83 — 

. 7% Council of Europe 7B/83 — 

6*4% Council of Eurtwe 77/87 i 

6V% Council of Europa 78/8S PP 

6*«% Council of Europe 78/88 

6*4% Council of Europe 78/88 11 

6V% Council of Euroda 78/88 HI 

7*4% Council of Europe 79/89 

7*2% Council of Europe 79/89 

9*4% Council of Europa 8Q/S0 

10% Council of Europe 81/91 ........ 

10*4% Council of Europa 81/91 — 

6*i% Courtaulda Int’l. 72/87 - 

6% Credit National 77/87 (G) 

5\% Credit National 78/83 PP (G) 

5*2% Credit National 79/89 (G) 

. 9% CVRD 76/84 

8*2% CVRD 76/86 

8% Daimler-Benz 70^5.,^..-....^...-..™— 

5*,% Da [shows Paper 7B/M PP *■— 

6% Danish Export 77/82 PP .......~.^— . 

5*4% Danish Export 78/83 PP 

SV% Dan Danska Bk. 7B/B6 

■ 7% Denmark ©/84 .............. — — — 

K.% Danmark 72/87 «« — — 

9V% Danmark 74/89 

8% Denmark 70/82. 

6*4% Denmark 77/83 * 

7V% Denmark 77/87 

5V% Denmark 78/84 . — - 

6% Denmark 78/88 — - — 

5V% Don murk 73/85 - — 

6*2% Denmark 79/69 — 

7\% Denmark 80/BB — — 

BV% Denmark 80/92 

S*,% Danmark 80/80 PP 

6VA-Den Norsks Ind. 77/89 (G) | 

6% Dan Norsks Ind. 78/90 (G)..~~ 

6*2% DistriM Pari* 89/84 (G) 

10*.% EEC BI/03 

7».% EEC 79/94 


9330 

8.56 

9.97 

4.75 

• 98.00 

7.40 

11.05 

0.64 

97.23 

7.20 

11.12 

0.71 

89.65 

731 

11.70 

2.57 

79.75 

7.21 

9.21 

8.75 

85.25 

7.04 

10.72 

430 

96.00 

731 

10.12 

1.71 

89.50 

0.10 

11.97 

2.72 

94.60 

7.86 

1235 

1.08 

8535 

7.82 

9.06 

735 

98.15 

8.15 

11.50 

0.54 

98.10 

8.15 

11.1* 

0.62 

£.00 

739 

10.73 

135 

97.00 

8. 25 

9.90 

1.75- 

99.75 

1033 

10.53 

* 7.34 

101.75. 

1031 

10.68 

9.07 

90.50 

837 

11.08 

1.88 

92.50 

7.84 

9.69 

332 

S8D0 

. 8.42 

9.75 

. 1A2 

97.00 

831 

S.66 

2.42 

89.35 

'733 

’ 9.79 

5.00 

8230 

637 

9.78 

6.98 

9235 

3;40 ' 

9.79 

• 4.06 

87.75 

9.26 

934 

'1236 

95.76-* 

838 

10.47 

2.52 

79.00 

8.54 

• 13.80 

' 4.09 

84.40 

. 1036 

.1234 

6.42 

90.90 

7.18 

10.75 

2.07 

97.25 

8.74 

93S 

6.67 

9*30 

7.74 

7.98 

5.87 

98.85 

8.07 

9.09 

4.67 

92.35 

8.39 

.11.77 

235. 

88 DO 

7.07 

11.72 

3.00 

83.10 

8.72 

11.99 

432 

85.75' 

9.33 

11,82 

' 5.90 

91.25 

T0.14 

11.23 

6.34 

37.00 

6.96 

9.13 

130 

87.50 

637 

' 11.04 

2.87 

96/75 

8.79 

10.44' 

' 2.19 

94,25 

534 

9.60 

131 

9230 

. ,5.41 . 

. .8.75 

238 

82.75 

736 

10.0* 

6.04 

9535 

.'931 

11.03 

2.13 

9630 

8.81 

9.92 

230 

88.25 

7.83 

9.31 

7.17 

9530 

5.76 

' '9.72 

1.17 

95.00 

7.09 

9.07 

2.70 

91.25 

7.12 

1634 

2.78 

9235 

7.59 

9.86 

339 ■ 

89.75 

7J4 

1038 

3.53 

97.75 

733 

' 8.48 

' 3.59 

39.75 

8.52 

71.14 

0.09 

9630 

% 8.12 

9.82 . 

0.87 

98.75 

8.B1 

9.14 ' 

2.14 

9735 

7.97 

936 

1.67 

94.73 

8.19 

. 10.13 

2.57 

82.00 

7.32 

9.76 

6.75 

7935 

6.BZ 

10.04 

535 

8330 

•• 7.19 

10.58 

4.74 

95.50 

8.19 

10.14 

6.51 

99.75 

932 

935 

638 

99.00 

8.76 

9.76 

732 

9930 

8.00 

10.05 

0.84 

701.25 

9.88 

’ 9.74 

7.00 

100.35 

8.72. 

- 935 

4.96 

09.00 

9.05 

. 9.93 

8.21 

38.25 

7.89 

11.53 

0.47 

83.00 

733 

8.58 

5.75 

79.75 

732 

- 836 

1138 

94.00 

7.43 

10.08 

2.42 

8830 

7.63 

1037 

3.67 

. 94.25 

6.90 

10.64 

1.57 

94.40 

- 0.88 

10.77 

1.49 

95.50 

631 

937 

■1.75 

97.50 

8.72 

933 

3.67 

86.75 

7.48 

10.18 

1.21 

80.75 

7.20 

■9.66 

5.09 

99.75 

8.77 

1037 

5.8a 

96.50 

8.03 

832 

4.34 

97.50 

%18 

11.48- 

0.59 

9335 

&8 

11.40 

2.34 

91.50 

7.92 

1135 

2.18 

84.95 

7.97 

- 11.30 

. 4.06 

92.00 

5.43 

9.76 

132 

9330 

4.68 

10.12 

1.25 

91.75 

5.45 

9.92 

132 

86-40 

8.82 

932 

335 

92.35 

7.04 

10.19 

2.42 

93.50 

9.09 

10.57 

4.00 

9330 

6.15 

8.38 

• -237 

99.25 

7.05 

7.77 

- 1.26 

99.00 

6.82 

7.35 

2.34 

87.00 

739 

830 

4.17 

-95.00 

739 

8.80 

434 

80.75 

7.43 

9302 

8.75 

91.25 

7.67 

1039 

3.22 

100.50 

8.4S 

7.96 

1.00 

98.10 

7.90 

10.44 

0.7* 

95.00 

7.37 

10.09. 

' 1.94 


1.11.77— — 86S 
16. 8^2 
16.10.82 

1.10^4 

1.11.90 
1. 2.86 

15.1031— 83D 

1.11.83- 850 
1. 3.83 

1. 6.89 
16. B.82 
15. 8.82 
1.11.83 

1.11.83 
1. 8.89 

1.10.91 

1. 5.81 — 35D 
1. 2.81— 89D 
1. 7£U-€3S 
' 1. 7.82—845 

1. 2.83— 87S 
15. 1^8—885 
15. t57 • • 

15. 153-955 

tSS 182 - 871 

1. 7.883 
1.10JB4 

1.10.78— 88S ■ . 
7.10.7B-87S 

■' 1.10.82(80-83)] 
1. 5.84 . 

1. 2J5 

.. 1. 1^7 

1. 8.07 
1. B48 
7. 8.74— 838 
15.12.84 

1.11.76— BSD 
20. 6.S3 

10. 5.04 
1.12.85— 07D 
1.4JH— B6D' 

1. 7.83— 86D 
1. 4.81— 89D 
1. 4.71— 83D • 

1. 5.77—860 
1. 7.78— 87D 
Z 1J9-88D 
1. 4.79-880 

1.11.79— 88D 
duo 1. 3.82 

15.12.82 
1. 4JB-B5D 

1.10.83 
1.10^2— 8GD 
1.11.88 

1. 4.85—800 

1. 8.83— SOD 
' 15. 434— BID 

1.12J5— 88 

2. 1.90 

Z 9JJ5-92 D. 

3. 3J7— BID 
20. 1.87 

20. 1 .87—04 
20. 7.82 
1.11.83(82-07}! 
1. 9-84—835 
1. 7.7S-B4S 
1.10.85 
l.;3.75— 84D 1 
1. 2.75— 840 
1.11.74— 83S 

1.10.76— BSS 

16. 4.83 
1.-3.87 

16.12^7 
1. 6.77— B6S 

1. 9.82 
1. 6.84 
1.11J2-05D 
1. 4^4—880 
1. 1.94. 

1. S.83 
1. 1.94 
f. 5.00— BBS 
1. 7JBA 

1. 1.77— BID 
W.1Z70-84D 

2. 5.72-B3S 
7. 6.75-84S 
1. 4.77— BBS 1 
1.12.91— 66S 
1.11^1— SOS 
1. 7.78 — BSD 
1. 2.79-B3D 

. 1. 5 JO— BSD 
• 1.12,83 

1.11.83— STD ' 
1.738- 

16. 5.84-4BD 
1.11J4-9BD 

1.11.84— 880 

‘ f. 5.B3-B9D . 

■ 1.10.86—890 

1.12JB— 00 
10. 4.07-01 D 
16.1007—81 
, 1, 73C*-07S 
1.10.83 — 87S ’ 
1. 9.93 
16. 4.65 — 090 
1. 2 £\ (82-84) 

. 1.12J2(83J8S 

1.11.76— 850 

1.8.83 

82D 

1. 6.79— 83D 
1,1182— BBS 
1. 8.75-84S 
1 . 12.78— 87S 
1. 3J0-69S 
1. 982 
16. 6J3 
18. 587 
1. 2.84 
1. Z8B 
1. 2J& 

. 1. 289 
1. 2.88 
1. 1S2P ' 

1. 5^0 

1. 680—890 ■ 

. 1. S83— SOD 
1. 4.75— 84D 
1fl.T0.93 

1.11.85- 940 


7**% EEC 78/83 

8*«% Electr. do Franca 80/80 PP (G) 

7% Etairabraa 77/87 (G) 

6V% Eleirabiaa 78/85 (Gj 

7% Elotrobwa 79/87 (G) 

5V% Bf Aquliaina 78/88 

8V% Eikam 78/86 PP 

«*% Ericsson 72/37 

6*j% ESCOM 80/83 (GJ 

8*a% ESCOM 70/85 (GJ 

8% ESCOM 71/86 (Gl 

6V% ESCOM 72/87 (G) 

7% ESCOM 73/88 (G) 

8% ESCOM 78/84 PP (GJ 

8V% ESCOM 79/84 1 PP (G) 

8V% ESCOM 79-84 II PP (G) 

9% ESCOM 80/87 PP fG) 

0V% ESCOM 80/67 

74% ESTEL 73/88 

64% ESTEL 75/85 

BVft ESTEL 7B/B3 PP 

6«a% ESTEL 77/84 PP 

P.% ESTEL 77/84 PP 

6VA ESTEL 78/BS PP 

7V% ESTEL 79/86 PP 

8*.% ESTEL 79/88 PP 

8 9 i% ESTEL 80/87 PP 

5*4% Euratora 77/87' 

6*4% Euratom 79/91 PP 

8*z% Eumfima 67/83 — 

SV51 Eurofima 72/87 

8*2% Eurofimn 73/88 

S% Eurofima 73/88 

8% Eurofima 76/83 

6V% Eurofima 77/87 PP 

54% Eurofima 78/B8 

B*j% Eurofima 78/88 PP 

6*j% Eurofima 79/89 

7% Eurofima 79/84 PP 

7*1% Eurofima 79/07 PP '.... 

0V% Eurofima 00/87 PP 

7V% Eurofima 80/08 PP 

IOV.% Eurofima 81/91 

6% Europ. Inv. Bank 69/84 

7% Euorp- Inv. Bank 6S/B4 

7*j% Europ, Inv. Bank 71/88 - 

7VX. Europ. Inv. Bank 71/86 — 

6VA Europ. Inv. Bank 72/87 

5% Europ. Inv. Bank 72/87 

6V% Europ. Inv. Bank 73/88 

7% Europ. Inv. Bank 73/88 

9*3% Europ. Inv. Bank 75/03 

8% Europ. Inv. Bank 76/83 

7V% Europ. Inv. Bank 76/83 PP 

6*4% Europ. Inv. Bank 75/84 

8% Europ. Inv. Bank 77/89 

8% Europ. Inv. Bank 78/38 I PP 

6% Europ, Inv. 78/88 II PP - 

5VA Europ. Inv. Bank 78/90 

0% Europ. Inv. Bank 78/90 

7*i% Europ. Inv. Bank 79/89 — 

7*»% Europ. Inv. Bank 79/83 PP ..... 

8*2% Europ. Inv. 79/91 

,SU% Europ. Inv. Bank 80 / 86 

T»% Europ. Inv. Bank 80/30 

8*,% Europ. Inv. Bank 80/90 

9% Europ. Inv. Bank 80/87 PP 

9*2% Europ. Inv. Bank 80/90 

9*i% Europ. Inv. Bank 80/90 

10>a% Europ. Inv. Bank 81/91 

10*2% Europ. Inv. Bank 81/91 

10*2% Europ. Inv. Bank 81/BI II 

10*4% Europ. Inv. Bank 81/91 

10% Europ. Inv. Bank 

10% Europ. Inv. Bank 

8*4% Europistap 71/88 (GJ 

8% Europlsua 72/87 (G) - 

7% Finland 68/83 

6*4% Finland 66/83 

7% Finland 69/84 

7*2% Finland 69/84 

7% Finland 72/87 

S% Finland 76/04 

5*j% Finland 78/83 PP 

6% Finland 78/83 

5V.» Finland 78/80 

8% Finland 79/06 

10% Finland 81/89 

10*2% Finland 81/86 

8*2% Finn. Industriabank 80/90 (G) 

B% Finn. Kommunal 71/83 (GJ 

10% Finn. Kommunal 

8*4% Forsmarka 75/83 (G) - 

5*4% Forsmarka 78/90 (G) 

8 r i% Forsmarka 80/87 (G) 

7*2% Frsncstal 76/83 (GJ 

6%% Francatal 77/84 PP (G) 

9*4% Gon. Zbk. Vionna 75/82 PP 

B'i% Gen. Zbk. Vienna 78/83 PP 

6% Gan. Zbk. Vienna 77/87 

7*»% Giroz. Vienna 76/83 

5*,% : Giroz. Vienna 77/82 - 

5VA Giroz. Vienna 78/88 PP 

6*.% Giroz. Vienna 79/84 PP 

8»,% Giro*. Vienna 80/07 PP 

10V% Giroz. Vienna 81/31 

8% G. I. S. 78/83 PP 

7% Grand Merrop. Rn. 77/84 - 

8% Guest-Kaen-Nettl. 75/83 

6R«% Hamaraley Iron 72/87 


54.75 

6.33 

9.90 

1.57 

95.25 

7.35 

10.32 

1.72 

9435 

731 

10.09 

2.53 

94.75 

B.1B 

10.13 

2.57 

90.75 

7.16 

10.24 

2.99 

8930 ' 

6 70' 

10.28 

2.94 

83.75 

7.20 

8.11 

6.00 

93.50 

749 

8.33 

6A2 

100.00 

9.50 

9.46 

0.92 

96.50 

8.12 

9.70 

0.91 

95.75 

8.09 

10.60 

1.67 

94.30 

7.16 

10.35 

1.80 

86.75 

6.92 

10.43 

3.74 

81.50 

7.38 

9.99 

6.50 

81.00 

7.41 

937 

8.79 

79.10 

0.6* 

10. TS 

536 

80.25 

7.48 

9.42 

8.67 

87.75 

8.55 

9.91 

7.34 

87.00 

8.76 

1017 

7.50 

82.35 

7.89 

9.52 

832 

99.00 

934 

9.52 

4.25 

88.50 

8.80 

9.92 

8 50 

93.10 

9.13 

9.69 

8.71 

96.50 

9.33 

930 

5.79 

98.00 

9.69 

9.85 

8.25 

99.00 

9.60 

9.66 

8.84 

100 85 

10 04 

9.97 

S.75 

10230 

1020 

9.99 

9.17 

102.90 

10.20 

9.99 

9.54 

103.75 

10.36 

10.09 

9.37 

100 35 

9.97 

933 

6.99 

100.60 

9.95 

9.92 

9.99 

94.65 

8.72 

11.10 

2.44 

33.10 

8.59 

11.21 

2.81 

99.00 

7.14 

9 79 

032 

95 25 

7.09 

1036 

1.32 

94.50 

7.41 

10.80 

1.74 

95.25 

7.87 

11.02 

1 63 

96.50 

7.25 

7.99 

5.17 

99 00 

8.08 

8.45 

2.34 

94.75 

5.80 

11.33 

1.00 

93.15 

6.44 

10.26 

134 

B5.7S 

6.71 

10.27 

4.00 

92.25 

8.07 

10.09 

4.88 

100.15 

9.99 

9.95 

725 

101.10 

10.39 

10.17 

4.75 

92 00 

934 

10.63 

4.99 

98 00 

8.10 

11.12 

0.74 

98.00 

10.20 

1.63 

7.91 

97.60 

8.45 

11.05 

0.91 

84.00 

B.B5 

10.67 

4.20 

95.60 

9.28 

10.07 

4.72 

95.75 

7.83 

10.28 

1.71 

93.15 

7.25 

10 41 

2.17 

99.50 

9.30 

1*37 

0.09 

98 00 

8.67 

10.71 

1.00 

86. EO 

6.93 

10.51 

3.74 

95.90 

7.56 

9.87 

1.75 

98.00 

5.61 

862 

0.07 

83.00 

0.93 

10.53 

4.07 

92.25 

7.45 

10.46 

2.54 

95.25 

9.32 

10.04 

534 

103.10 

10.43 

1020 

9.42 

9530 

6.28 

10.58 

.1.09 

93.25 

7.51 

10.15 

230 

97.40 

8.21 

10.24 

1.20 

89.50 

7.54 

9.28 

5A2 


1. 4J3 
1.11.88 

1. 9-83(33*87) 
1. 4.86 
1. 2J7 
IS. 5 J6-88D 
1. 6J4-880 
1. 3.78-87S 
1.10.74— S3D 
1. 4.76—850 
1. 3.77— 86D 
1. 9.78 — 67D 
1. B;79— 88D 
1.11 M 
1. 854 ' 

1.8.84 

1. 8.64— 87D 
1.11J7 
1, 8.79-885 
1. 6.81 — 85S ' 
1. 3.83 

1.11.84 
1.1282-84D 
1.10.BS 

1. 888 
IS. 1288 
15. 8.87 

1.11.87 

8. 2.84 — 910 
1. 9.71—827 
1. .9.76— 870 
1. 3.77-88D 

1.10.7 7 — 8SD 
1. 2,83 

1. 283—670 
15. 2.84— 88D 
1.11JS— BED 
1. 2J5-89D 
1.1084 

1.10.87 

1.11.87 
15. 1.88 

1.11.91 
1. 3.75— 84D 
1.11.73—840 
1. 2.77— S8D 

1.10.77— 860 
1. 3.7B— 87D 
1."9.BO_87D 
1. 2.79— 88 S 
1. 7.79— 8SS 
T. 1.81— S3D 
1: 7.BD — 83D 
1.10J3 
1.12.81—84D 
1. 8.82— 090 
1. 8J8 

15.11*88 
1. 3.85—900 
1.10.90PX 
1. 6.89 
1. 8.89 
1. I.91P 
T. 5.86 
1. 8.90 
1S.1CIJ3 
15.11.87 
1. 5.90 
1.12J0 
1.11.91 
1. 4.91 
15. 6.91 
1. 2.H9 
'1. 2.92 

15. 6.91 

1. 2.77—850 
1. 1.78— 37D 

1. 6.72— 83D 
. 1.12.72— 83D 

2. 5.73— 840 
1.1D.73— 84D 
1. 4.78— 87S 
1. 6.81— 84S 
1. 2.83 
1.12.83 
1-Z86 

IB. 12.86 

1. 5.89 

1.11.86 

1.11.83— 800 

2. 5.76—830 

1. 7 A3— 630 

2. 1J8— 92 

16. 1 J3— BOD 
1.11.85— 87D 

18.10.83 
1. 4.84 
due 1. 2.82 
1. 2.82— 83D 

1.12.83- 870 
T.11JB3 
1.10.82 

1 .10.86 • • 

16. 8.84 
1. 8.87 
1. 7.91 
1. 3J2-83D 

1. 8.81— 84S 

2. 5.83 

1. 7.7&-87S 


For current prices and further information call 


■> 


DOsseidoff 

Westcteutscfe Landosfaanfc 

Girazentraf©- 

P.O.BoxT128 

4000 DQssaldorf 1/FRG 

London 

WestdoutBche Landesbank 

Girozentrale 

London Branch 

41, Moorgate 

London EC2R 6AE/WC 

Luxembourg 
WestLB International S.A. 

32-34. bd Grende-Duchessa Tel 
Charlotte. Luxembourg Tel 


Telephone 8263122 \ 
Telex 8581882/ 

Telephone 82637411 
Telex 8581882/ 


82631221 . IntemalionaLBond 1 . ‘ . 
8581 882 / Trading Dept 

8581^2 1 InstitutionaMiweatora Dept 


Telephone 6386141 
Telex 887984 


Telephone 4474143 
Telex 2831 


HonglCong 
VUaslLB Asia Limited 
7301 Hutchison House 
Hong Kong 


Tdephom 259206 
Telex- 75142". 


Westdeutsche Landesbank Girozentrale 
JLeading Marketmakers in Eurobonds 


Bk% Hazama-Gumi 80/85 PP 

7% Halainki 08/83 

9% HidroalActr. Ibficica 80/90 

5V% Hitachi Shipbuldg. 78/83 

8VK> Honeywell Bull 80/90 - 

8*4% IAKW. Vienna 75/85 (G) 

W% IBM 80/86 PP 

7V% Iceland 69/84 

7*«% Iceland 77/07 

6>i% I Cl Int’l. 72/92 

7*1% ICI InVl. 76/96 

6*4% ICI fnt'l. 77/87 

8% ICIPU 71/91 (Gl 

8% Imetren Vaima 72/87 (GJ 

7% Indonesia 78/8* — 

7\% lad. Dev. C. South-Air. 78/82 PP ( 
8% Ind. Dev. C. South-Airi 78/83 PP f 

5% Industr. Bk. Japan 78/84 ..... 

■7^% Ind. Fund of Finn land 79/87 PP .. 

7*2% Ind. Min. Dav. Iran 73/85 

"7*4% Ind. Min. Dev. Iren 77/87 

7*»% ind. Min. Dav. Iran 78/84 . — 

8% Hid. Mtgabk. FInl. 71/86 (G) . — ... 

7% Ind. Mtgabk. FInl. 72/87 (G) 

1 6*% int. Am. Dev. Bank 08/83 

7% Int. Am. Dev. Bank 69/B4 

8»i% Int. Am. Devi Bank 70/B6 

6*4% int. Am. Dev. Bank 72/37 I 

6Vft Int.. Am. Dev. Bank 72/87 II 

8% Int. Am. Dev. Bank 76/B3 PP 

8*4% Int. Am.- Dev. Bank 76/83 PP . — 

7% Int Am. Dev. Bank 77/87 

0VK lot. Am. Dav. Bank 78/88 

7\% Int. Am. Dev. Bank 79/M ..... 

B% Inu Am. Dev. Bank 79/89 PP 

8% Inr. Am. Dav. Bank 80/88 

10% Int Am. Dev. Bank 81/91 

10V% Int. Am. Dev. Bank 81/91 

Bfc% Int'l. Corn'I. Bank 73/83 

7*2% Ireland 7B/87 PP'.. — 

8*.% Ireland 80/88 

10*»% Ireland 81/86 

7*k% ISCOR 71/88 (GJ 

7% ISCOR 751/87 (G) 

7% ISCOR 73/88 (G) 

0*,% ISCOR 73/08 (GJ 

7^% ISCOR 78/8 2 PP (G) 

8VA ISCOR 78/84 PP (G) - 

7% Japan 68/83 - 

8>«% Japan Air Lines 80/87 (GJ 

.7*4% Japan Oev. Bank 75/83 (G) ......... 

A% Japan Dew. Bank 80/87 fG) ......... 

10*4% Japan Synthetic 80/85 PP 

8% Johannesburg 71/88 (GJ — 

8*»% Johannesburg 72/07 (G) 

7^% Johannesburg 78/82 PP (GJ 

7*«% Jydak Tel of on 89/84 

B\% Jydek Telefon 72/87 

7*4% Jydek Telefon 73/88 

..9% Jydek Telefon .75/82 PP. 

8*j% Jydek Telefon 80/80 • 

kanaai Electric B9/84 — 

7%% Kansa! Electrio 71/88 

6W KELAG 73/88 

KHD Finance 72/87 .... — 

7^% Kjobanfiavn* H. Bank 73/83 PP 

7**% Kjobonhavne Tel, 72/87 — 

7% Klobenhevns Tel, 72/87 ...... — .... 

64% KJobenhevns Tel, 73/88 

5% KLM Royal Dutch AM. 78/85 PP ... 

7% Kobe 88/83 (G) 

6\% Kobe 89/84 (GJ 

Tk% Kobe 71/B6 (G) — 

8*4% Kobe 72/87 (G) 

7*a% Kobe 78/83 (G) 

6*i% Kobe 77/87 (Gl 

5*1,% Kobe 78/86 (G) 

7*.% Kobe 79/89 (GJ 

8% Kobe 00/90 (G) 

7\X Kommunl. Inst. 76/83 

8% Kommunl. InaL 75/84 

7\,% Korea Dew. Bank 77/84 (GJ 

5VA Kubota Int'l. .77/82 PP — 

Kvaemer Ind. 78/88 PP 

8*3% Light-Sorvicoe 77/B2 (G) 


16. 6.85 
1. 7.72— 03S 
1. 8.34—800 
16.12.83 
1 .’ S.9QP 
1. 5.80— ®D 
1. 4JB6 

I. - 5.73— 84S 

1. 4.80— 87S 
. 1. 3.78—S2S 

1.12.84— 86D 
• f. 5.84— 07D 
*1. 1.77— 91D 

1: 1.73—075 
1.10.84 
due 1. 532 
7.83 
1. 1.84 
16. 9-84— 87D 
1. 5.77 — 858 
1. 7.03— 87S 
IS. SAt 
1.12J7— BSD 
T. 7.78— 07D 
1. 7.72— 83S . 
1. 8.75— 84S 
• 1. 9.76^B5S 
. . 1. 6.78— S7S 
.T.11.78-S7S 
■ 16. 2*2 
1. 7.83 
1. 1.83— 87S 
T.' 1.88 
1. 7^8 
IS.- 733 
1. 288 
1. 3^1 
15.11.91 
1. 6.79 — 83D 
1. 6 37 
1/1J58 

15J2.8& 

1. 6.77— 08D 
K4J5— 87D 
1. 3.75— 88D 
1.11.79— BSD 
due 1, 4.81— 020 
16.10^4 
1. 3.72— S3S 
18.11.87 
. 1. 4.83" 

■ 1. 8.87 

15. 4.S5 
1. 0.77-06D 
1. B.7B-87D 
due 30.4.82 
15. 9.75— 84S 

h 3.73— 87D 
1. 2.73— BSD 
1. 7.82 
1. 2^0 

. 1. 3.7S-84S 
1. 5:77— 86S 

1. 5.73—885 

2. 5.73— 87S 

1.12.83 

2. 1.78 — 07S 
1. 5.78— 87S 
1. 4.79 — 885 
1. 5-79^8BD 
1. 6.72—83$ 
1. 5.73— 84S 
1. 2.77— 86S 

1. 5.78— 87S 
1. 6£3 

1. 0.87 
1. 7.86 
1.10-89 
1. 7.90 
1. 4.81— 83D 
16.10.77— 84D 

1.12.84 
1.12^1—820 

1.3.84- 830 
due 1. 3.82 


6V% Lighi*Seivieo« 78/86 (G) 

8*i% Light-Sefvicoe 80/90 (0) 

9^% Lenrho Intim. 80/87 — — 

6*»% Lufthansa Infl. 73/86 PP 

7% Malaysia 72/84 — — — — 

’6*i% Malaysia 77/» - ,./■ -.v — . 

9*«% Malime 75/84 

0*4 ’■» Mefreoe 76/ 83 « 

6*1% Manitoba 77/84 — 

6*4% Man it. Hydro El. 72/87 ...» 

6V'k Masai Pin. Comp. 78/90 

7% Megal Fin. Corap. 79/89 

7% M E P C 73/88 — 

7*4% Mexico 73/88 

9% Mexico 75/8Z — .............. 

8% Mexico 76/83 — ■ 

7*»% Mexico 77/84 

8% Mexico 78/8S — - 

1»% MCKido 81/88 - — 

8**% Micheltn Flnanea « S/07 PP ........ 

8*z% Midland Int. Fin. 80/90 ....... ..... 

6*1% Mitsubishi Ghemlaal -79/84 - 

5*i% Mitsubishi Petto 78/83 

- - 9% MOOD 75/83- 

7% Montreal 69/83 


.7375 
82.00 
* 8725 

87.00 
" 38.00 

84.25 
1 99.75 

88.50 . 
34.75 * 
93 JO 

' 79:50 

85.00 
8S£Q 

. 89.(0 
39.40 
. 96J6 . 
. 93.10 
. 87.60 

TO 1^5 

92.50 . 

94.00 
93.30 
34^0 

i 38 JO - 

88.50 


. 6% Montreal 77/92 •....l-.—.iL...:* *■ 83J0 

-rtr«t ' U.5Q 


6*4% Montreal 73/93 84.50 

8*>% Montreal 7B/8S •'■'98.25 • 

7% Montreal 77/87 1 — ... ... 8850 

7h% Mortg. Denniarit 69/84 (GJ 98.00 ' 

7% Mortg. Denmark 73/88 (GJ 89.00 

8»r% Mortg. Denniarit 80/9» (G) — — 89J5 » 

10*4% Mortg.' Denmark. BI/91 — 100.25 

0*4% Mortg. Bk. FinT. 69/84 (8].- 96.50 

8A% Mali. Mexico 75/83 J*P 95.50 

7X Nafi. Mexico 77/82 PP-(G) i- " 97^0 

B*i% Nafl. Mexico 77/84- (GJ ........ -■ 85.80 

8*4% Nafi. Mexico 77/84 PP (GJ — 95.00 

6**% Nat. Bk. Hungary 77/85 — — I.— ^ 83.75 
7% Nat. Nederl. Fin. Meat.' 79/50 PP — - 91-25 


7% Montreal itm ; - — ...... — ... 

7*?% Mortg. Denmark 69/94 (G) 

7% Mortg. Denmark 73/38 (Gj 


100225 
r 96.50 ; 
96.50 
97.40 ' 

■ 05.90 
95.00 
.83.75 
91 J5 


S% Nat 1 ]. V/astm. Bk. 73/80 •» 96.65 

11% Nat l. Waatm. Bk. 81/91 .... 105-00 

9*i% Nafl. Westm. Bk. S2/92 '■ 100.00 

8% Nadcrl. Gasunic 79/86 - — 96.00 

84% Nedari. Gasume 80/87 .'-i — .— " 07.75 

6*4% New Brunswick 72/87 — .....— 91.35 

7 1 4*/a Newfoundland E9/M 1 * 96.00 1 

8% Newfoundland 71/96^—,,.- . 95.50 

6*4T( Ncwloundland 72/07 ....................1.- 90.25 

6*i% Newfoundland 73/88-. _ 89.75 

6^% 'Now Zealand 63/84 .a — 97 .BO 

7*]% Now Zealand 71/86. — 96-00 

7% Now Zealand 72/87 ' 84.75 

74% New Zealand 76/33 .97.90 

7Vn Now Zealand 76/86 95.86 

6>.% New Zealand 77/84 - . 32^0 

5*4% New Zealand 78/86 — 85.85 

6% New Zeeland 79/86 PP — .. 87.00 . 

6v% Now Zealand 79/07 87-50 

7*i *.'« Now Zealand 79/87 a...— . 09.15 

84% New Zealand 79/84 PP ..... — ............ 96.00 

74% New Zealand 8o/fl8 ' 92.60' 

94% New Zealand 81/89. .• 100.50 

64% -Nippon Housing Loan 79/04 PP '.. 92.50' 

&*% Nippon Kokan 79/84. . 94.25 

54% Nippon Steel 78/85 — ' 90.00 

84% Nippon T + .T 75/32 (G) 99.75. 

8*4% Nippon T + T 75/82 (G) 99.25 

74% Nippon T + T 76/83 (GJ 97.75 

54% Nippon T + T -79/87 (G) 84.90 

54% Norcom 78/85 — — 87-75 

7*,% Norcam 79/86 PP 88.00 

5% Norddt. LB Int'l. 78/84 PP 90.50 

64% Nordic Inv. Bank 79/88 87.75 

5*.% Norgcs Komm. Bank 70/85 (GJ ...— 102.00- 

7% Norges Komm. Bank 77/89 (GJ 93.50 

B°4 Norges Komm. Bank 77/89 I (G) • 87.50 

6% Norgos Komm. Bank 77/89 II (GJ ... . 87.40 
6% Norges Komm, 'Bank .78/90 (GJ ..._. - 85.40 

6*4% Norges Komm. Bank 79/89 (GJ 67.80 

74%. Norges Komm. Ban* 79/89 PP (G) -A ' 89.00 * 

74% Norges Komm. Bank 79/9 1 (GJ, 91.50 

84% Norges Komm. Brfnk -79/94 (G) '. 92.90- 

84% Norpipe 76/84 4 99.50 

8% Norpipe 70/88- i 93.25 

6% Norpipe 77/88 : — • 80,50 . 

74% Norsaa Gas 7&/B8 88.75 

7%'NorsBa Gas 77/89 ll 86.25: 

9% Norsk Hydro 75/87 .; 99.40 

8% Norsk Hydro' 76/80'., 1 96 95 

64% Norsk Hydro 77/89 .'. 90.00 

64% Norway 77/82 • 99.50 

54% Norway 77/82 97.90 

44% Norway 78/03 I.-...-.. *' 95.75 

44% Norway 78/03 94.10 

64% Norway 79/84 ...... J. * 94 DO : 

7*j% Norway 80/85 - - , 95.65 

74% Norwu.. Mortgage 77/67 * 92.00 


93.25 

-i- • 80,50. 

88.75 

86.25 : 

99.40 

96 95 

90.00 

99.50 

97.90 

*' 95.75 

94.10 

* 94.00 : 

95.65 

* 92.00 

8835 

,di— * K.35 ' 


&% Norw. Mortgage 77/p9 86 J5 

74% 'Nova Scotia 71/86 „.4...J.».a.aim.m - 95.35 ' 

7% Nova Scot. Power .72/87 , 92.80 

94% Nuelebraa 80/88 (G)'.-.. — — 91.90 

64% Occident. Int. Fin. 78/90 79.00 

64% Occident. Overs 68/83 94.00 

B% Ooster. Donaukr. 59/84 (G) - 97.00 

.64% Oester. Donaukr. 73/88 (G) — . 91.00 . 

8*4% Caster. Draukr. 75/85 (GJ 88T5 

7% Oest/ El. Wirtsch. 07/87 (GJ 95.25 ‘ 

. 7% Dear. 0. -Wirtsch. 76/83 PP (GJ 94.20 ■ 

54% Oast. Ind. Vorwaltung 78/85 PP (GJ... 86.00 

64% Ob at. Inv. Kredit. 79/84 PP - 99.25 

7% Oest. Kontmllliank 76/83 PP (GJ , ; , 94 . Qp : 

64‘5r'OBiftrT(dh'trohl»anir77^4 ft (GJ ...... ' S3. 50 

64%' Oest KorjtrpHbank Ti/W PPftG) ' ^.-2S • 

84% Ora L.,Kdpudl thank 77/84 PP fG) -..A 90.50 

6% Oest. Kdritrollban k.77/B9 ft (GJ . 87-00 

54% Oost. Kontrollbank '78/84 PP (G) 90.00 

64% Oaat TC6ntfollbanfc_ 78/M (GJ 84.25 

6% Oest. KnnfrofibanJc'79/07 PP (GJ 84.00 . 

74% OesL Kont roll bank 79/89 07^0 

8% Oest Kontrollbank 70/04 PP (G) 95.50 

74% Out Kontrollbank 79/86 PP (GJ SI .50 

8% Oast. Kontrollbank 80/07 (G) 95.50 

84% Oest. Kontrojlbanfc. 80/B5 PP (G) 96.25 

8*3% Oaat Kontrollbank 80/88 (GJ 33^40 

9% Opst . Kontrollbank 90/07 PP 09.75 

8*4% Out. Kontrollbank 90/92:.....^..-. 90.00 

74% Oest. KonirolIbanlc-80/89 PP (G) 88.75 

104% Oest Kontrollbank 81/91 100.75 

54% Oest Underbeak 77/82- 96.60 

6»,% Ontario ffl/84 JL ..±......... — 97.25 

6%- Ontario 72/87 ,..^ 8990 


64% Ontario Hydro .73/88 — 31 30 

74% Oslo 89/84 96.50 

7*3%:Oslo 71/87 ... 96.00 

«4% Oslo 73/90 91.6S 

9% Oslo 75/87 — - 99.00 

84% Oslo 80/90 ................ 94.25 

64% Papua 73/88 • 90.75 

64% Parker-Hannifin 77/87 PP ...i...: 87.00 

74% Pirrfcer*Hannlfm 79/87 PP .'. 88.25 

84% Pemax 76/83 96.00 

7% Pemax 77/84 90.75 

7% Pamex 78/88 87.75 

7% Petrobras 77/84 '. ' 88.00 

7% Petrobras 78/88 79.25 

8% Petrobras 79789 81.00 

74% Philippine 77/84 88.00 

64% Philippine 78/85 ....... A r. ' 06.00 

84% Philips 75/82 99.7S 

54% PK-Bankeri 78/88' .: — 83.TO 

04% Postipankki. 79/85, ft 96 OQ 

T4% Prfvatbk. Cbpe'nh. 77/89' -PP ’ 95.50 

64% Pyhrn Aulnbahn 77/89 (G) 84.00 

64% Quebec 72/87 J........... 90.50 

74*.» Quebec 77/87 .... 90.25 

7»i% Quebec 77/87 90 20 

6% Quebec - 78/90 81.50 

'104% Quebec 81/91 103.00 

64% Quebec Hydro El. 69/84 ' 98.25 

74% Quebec Hydro El. B9/84 36.25 

8% Quebec Hydro 0. 71/86 96.00 

64% Quebec Hydro El. 72/S7 89.75 

0*3% 'Quebec Hydro 0. 73/88 88.50 

64% Quebec Hydro EL 77/07 ... 88.25 

64% Queboc Hydro El. 77/87 , — I .' '85.40 

104% Quebec Hydro 0. 81/91. ; — 102.00, 

84% Queanafand Alu. 70/65 97.55 

54% Rautaroukki .78/88, (GJ - — 03.75 

74% Read Paper 78/88 ..... 91.75 

74% Renault 80/85 PP ? 90 iM 

104% Renault 81/88 PP 100.50 

04% Rente 70/82 *».*..• 98 35 

8% Renfa 77/84 (GJ ... 94.00 

7% Renfo 79/87 (GJ 6335 

9% Rap. Chile 80/80 95^ 


97.00 

7.73 

92.25 

7.0S 

9130 • 

7.10 

96.50 

7.77 

36.00 

7.81 

ai.es 

736 

99.00 

9.09 

94.25 

928 

90.75 

7.44 

87.00 

7.76 

88.25 

830 

96.00 

9.11 . 

90.75 

7.71 

87.75 

7.98 

88.00 

7.87 

79.25 

8.83 

81.00 

• 9.88 

88.00 

8.18 

86.00 

735 

99.7S 

8.77 

83.00 

0.93 

96 OQ 

6.38 

95.50 

. 7.59 

84.00 

7.44 

90.50 

7.18 

90.25 

831 ' 

90 20 

8.04 

81.50 

7.30 

103.00 

10.44 

98.25 

6.87 

36.25 

7.53 

98.00 

S.33 

89.75 

734 

88.60 

7.34 

88.25 

7.37 

85.4) 

■ 7.32 

102.00, 

10.05 


9.43 
9.49 
. 10.54 

10.56 
7.17. 

10.74 

10.52 
11L24 
10.74 
10.33 
. 10.46 
. 9.74 
10.25 

9.75 
9.87 

10.15 
9.16 
10.19 
- 9.87 

9.79 
'• 9.81 
10.15 
9.99 
9.89 
' 8.68 
10.10 

8.76 


1. 6 30 

IB. 1.86—80D 

2. 6,87 
1. 3.86 ' 

-.1. 6.75— «D| 

' 1. 9-ffi ' 

1. 330-330 
' 1. 7,84 
1. 6.76-873 
. 2. 1.85-008. 

1. 4.07-6&P 
. 1. 5.79— 88D. 

1. 1.79-085 
-• 1. 7.B2 
1. 6.83 . 

1. 6.84 
1. 4.B5 
10.12.88 
. .16.11 .87.. 

• 15.10.90 
30. AM - 

1. 8.83 
1. em-83D 
1. 4.70 — 89D 
1. 9.73— 02D 

- 1. 8.74— 93S 

3. 7.77-883 
«. 7.78-87S 
■1.11.75— 84S 

• n. 7.76-685 
1. 730 

- 1.11.61 

1. 4.73 — 849 
1.1263 

1.9.82 
1. 3.84 

1. 3.84 

1.11.85- 
1.10.88 
1.10.78— 88S 

'1.10.91 

- 1. 1.92- 

'• ' 1.12.83—88 

- 1. 334—075 
'1.11.78— 07S 
' 1. 8.75— 84S 

1. 8.77— 80S 
M . 11.78— 87S 
1. 4.81— BBS 
1. 2.75—840 
1. 5.77— 8BD 
1. 2.78— STD 
1. 3.83 
1.1132 — 880. 
1. 5.84 
1. 3.88 
1. 236 
1. 1.87 
15. 937. 

». 1.12,84 

15. 7.88 

1.12.89 

16. 5.84 
1. 434 
1. 9.05 

due 1. 3.82 
due 1. 6.82 

1.10.83 
1. 2.87 
1. 3.85 
1. 936 
1. 234 

- 1. 136 

1.10.75- 4&S 
1. 430— ESS 

16.10.80—895 
1.12.90 — 89S 
1. 8.81— 90S 
1. 1.84— ESS 
16. 8.84—89S 
1. 7.B4— SIS 

16.12.85— 04S 
1. 2.80—645 

• 1. 6.83— 80S 

1.11.84— 89S 
1.1Z83— 68S 
1. 7.84— 8SS 

• 1. 3.80— 37D 
1. 4.83— 88S 

' ' 1. 6.83— 088 
dUB 1. 432 
1. 8.82 
1. 1.83 
1. 433 
1. 434 

15. 1.85 

16. 5.83—870 
16.11.82— 89D 

■ .,1.12.77-860 
. 1.12.7B— 87S 

16- 9.88 
1.1236—805 
1. 10.72— 83S 
1. 2.65-840 
1. 3.78— 88S 

1. 3.81— 8SD 
1. 2.73— 87D 

18.12.83 
1. 7.85 
1.11.84 

1-1233 

1>U.84 
- ■ 1?X84 

- 1." 8.84 

• 1.11.85 
1. 8.84 

10.12.88 
1. 2.87 

1.10.89 
. .1.12.84 

16.1236 

- 1. 2.87 
15. 3.85 

1.11.88 
15. 5.87 
1. 7.92 
1. 9.88 
1.1131 

1.12.82 

1. 2.75— 04D 
1. 9.80— 87D- 
1.12.77 — 86D 

1. 6.80— 87D 
. 1. 3.81— 08D 

1.11.75— 84D 

- 2. 1.78— 87S 
-1. 7.7B— 80S 

- 1. 3.78—075 
1. 3.83— BOS 
1. 7.79 — 88S 
7 . 6.83—870 
1. 7.85— 87D 

1.12.83 
1. 9.84 
1. 1.86 

1.10.84 

1.10.84— 88D 

1. 10.85— 880 

1.11.84 
' 1. 4.B5 

due IS. 3,82 
1. 5.84— BSD 

• US- 850 

. 1. 9.WL-B9D 

1. 7.78— 87D 
1. 2.87 
1. 6.87 
1. 5.85— 90D 
1. 9.91 

' 1. 2.75— 84S 
1. 9.75— S4D 
. ; 1. 9.77— 8SD 
1. 4.78— STD 
: 1. 3.79—88D! 

. .16. 8.B7P 
- 1.1187P 

1.12.81 

•1.11.78— 80S 
1. 4,84—880 
■■ -1. 1.79— 88S 

• „ 1.8.5? 

• ”1. 736 

1. 7.82 
‘ 1. 4.84 
“ • 1. 0.87 
1. 836 


' WestLB Eurp^eutschmarjdDpndYield index " 

Jan; 29, 1982: 10.23% (Dec.. 31, 1981s 10.33^) 


Ricoh Comp. 78/83 ...... 

Boy. Canada. K)/90 

Roy Lease 79/84 PP 

, SAAB 71/86 — 

, Saga- Petrokjeml 77/87 PP ....... 

> :Sandvik 72/87,.,...»».. a — 

, Sandvik 75/83.. 

i Snnko Steamship 77/84 ........a. 

, Seiyu Stbres B0/8S-.,! 

Shell fnrt. 72/87 .'. «. 

, Shall Int'l. 77/89 1 r.~ 

Singapore 72/82 ....; 

i Singapore 77/83 -'. 

, Sira Kvina 70/85' 

. S.N.C.F. 68/83 (GJ 

, Sac. Dev. RBg. 70/86. (GJ 

, Soc. Dav. Reg. 77/92 PP (GJ „ 

i Soc. Mar. Pina 79/8 3 f?P 
. Sorrenle 79/84 PP 
South-Africa .89/84 
Souih-AIrlca 70/B5^^.‘J,— 

South-Africa 71/86'......-..^.... 

, South-Africa 72/8 1 

, South-Africa 80/87 

, -South-Afr. Oil Fund 78^82 I PP (G) 

, South-Air. Oil Fund 78/82'll PP (GJ... 
. Somh-Afr. Oil Fund 1 79/83 PP (GJ it 
. SouthiAlr. Oil Fund 7&/B4 PP (gj ... 


' 9230 

'5.68 

•-TO. 87 

1.90" 

, 32.00 

5-42 

- 9.13 

S.50. 

' 92 DO 

7.34 

- 10.30 

2.67 

8335 

8.31 

8.92 

4.34 . 

93.50 

8.02 

- 9.05 

5.42 

- 91.90 

■ 8.1B ' 

10:31 

2.80 : 

99.65 

9.28 

9.63 

1.00 

94.75- 

7.39 

-TO. 02 

2.00 . 

83.00 

• 8.87 

It) A3 

4.09 

• 84.25 

6.90 

7.89 

5.17 • 

89.33 

7.55 

' 9.57 

4.91 

98:50 

7.11 ■ 

11.01 

0.42 ’ 

34.25 

6.90 

11.63 

1J25 

' S7.25 

8.7* 

10.48 

1.77 

95.75 

8.79 

9.32 

1.07 

' 93175 

-8.00 

.10.07' 

2.90 


■ 9750 
c 90 50. 
9950 

c. ®>25 

9735 
. 9030 
' 9730 

9735 
97_25 
-- 92.60- 


South-Aft. Railway. 78/83,1 1 PP (Gj 
South-Afr. Railway 78/83 .PP LG) ...*. 
South. ScotL, B. 73^8 (6) 

Spam 77/84 .7. 

.Spain 78/8? 

Sparbatik, Oslo- 78/SO PPm.. nAiaaif 
Standard Imp, & Exp. 73/82 PP 
Stand, Chan. Bank 78/88 


-ee- 

- s?-3> 

9230 

dl.0D 


'. -t. 8-8? 

. ■ 1. 8.9p 
- r 1.1034 
- 1. 6/Br-88S 

- -1. 7J83-87S 
i ■ 1. 2.78—871). 

'I. 2 r. 8 ff * 

' ‘ 1. 2.84 
1. 3*36 
1. 4.78— 57S 

H. £85—890 

I. 7,78-825 
1. 533 

‘ 1. 6.76^-«5D 
1.10.7J— 835 
. .1, 4.80— SfiD 

16.12.83r-0ZD 
1. 5.79-83D 
. 18. 1.Mk 

t. 4.79-84$ 

1.11.76— 85S 

1.11.77 — 80S 

1.11.78— 87S 
1. %87 

1. 8.62 
16. S.82 
'*'.1.11,83 
1. 3.84 
.1. B.79— 8^ 
due 1. 5-62 . 

- 3,7.83 

. 1. 9.83* 

• -1.12.83 

■ 1. 2.75*88$ 
■ 1. 8.84 

• •• I- -5:8ft.. 
r t&.5.81 

1. 8.32 
1. 138 




14 


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99 3 ft l-7t -M.JS 
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» 

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100 

100.0 
9a 
30.B 
29 

21.0 


'.*n «t> smp co 
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100.00 5.75 11/ 1/10% ( 

1875 KMATW LTD 
100.00 7.29 30/ e/19% ( 

1WI* mOOBETlA CO LTD B» 
100.00 7JU 20/ 2/1996 


12* V* 
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75 

7..I 


is;* xmou 

100.00 6.75 


110 3/i 
3*1 . 


20 

20.0 


1971 SOTO mCSTBI 
130.00 7.00 )•/ 1/1989 

fiosratrrsLES-iFiusce 


MS 

1*23 


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13 

15.0 
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25.0 
50 
50.9 


139 

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1150 
10* 7/1 
910 


HM 

200.(1 

100 

*3.0 

19(1 

190.0 

34 

16.2 

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110.00 5.50 


07 . 

>3.tS 
73 £>'b 
33.84 
*9 3.V 
7 3 

"7 5/E 
it .:? 

It 

29.12 


5-93 -7 .IS. 
5.*0 071979 
8.48 21.05 
5.90 
10.63 
2.59 


7.02 19.2* 
5-J5 


7. :a ».5o 

MO DPI980 


•C 

-D.0 

60 

90.1 

30 

:>.i 
2ft 
20.0 
30 
30.0 
25 
6.0 
:« 
£5. 3 


1900 DUMAtS urro * ' 
100.00 8.00 15/ 7/199S 

1968 Lms-ronsmi 1ST PCX 
100-00 4.00 . 1/ 8/1988 S 

1481* WMHAJUC THTOSATiaKAL- . 
£00-00.. 9-25. 15/4/199* 

1974 lk imnaxioKfti. m 

100.00 . 8-00 . 15/ 6/1484 

1950 CPC nunotATTORAL 88”' 
100.00 *>(» (5/10/1945 . 

1968 LTV IHTIXXAIXDML .. 
100.00 5.00 I / 7/1988 

(9M JUKZ.tr aZRIASB 0/9 
100.00 5.00 15/ S/1488 

1942 jcabioo irr ns 

£00.00. ■ 9.00- .1/10/1945 : 

:»T) IOSCO 

100.00 4.50 . 51/ 1/19*8 

£972 “ASSfCTm SICE 9EAL7T 
10O.OC b-75 15/ 7/1987 

<981* MASSWnCAL «K k HEAiTT 
:tHUX) 8.00 15/ 7/19%. . 


1* 1/4. 4iS2 ^ 1478 , 20-8 lffiUtO. . S-Of; .. U Z/£M>:, 
87 l/i 4.71 ' '96-58 25 ■ 146P- TICD tHI TU ’ [' ,\.' 

15.? ,100:00 . l/-3/l*> .8 

t - , wit , notf^irr rnP-'ito- asm 
7; J... >5.517 . >00 . 17>inw.'.( 


. 1S-127 «-7*. 

. V 

l 75:l/8 JT-W 26-90 
39.U/ AM - 
*5 MBJM5 1U4 
- .71 

« ifl 5.23 -3-92 
52 IM ->54 . 197» 


12 


*.£5 


78 

22- W. 


f. 6i5L c ' S3. 7* 
S.A6 


127 S/I 
21 lA 


*.27 . -6-A4 
1.51 


IS. 

. 1.(1 


4Z.L6. 


91 SM 10.09 
25 l/k,l.M 


«.»5 

1479 

13-43*, 


87 1/4' 
. 18.63 


9.17 9-26 

/.4VWIW. 


9.31 

.*( 


34-50 


*.17 15.52 
. I9» 


% 1/9 
. 18.65 
81 

!«.3* 

70 

23 ' ' 

BA 3/1 13.16 
t 1-67. ’ ■ •? 
104 T/8 4.10 . —88 
35 3/4 2.13 - . 

*5 ID-3A. M.~65 
13.13 (l- W . 

70 14.63. *.63 

13.11 ll-M . . - 


7-14 31*7* 
5.43 DPI 9 78 
76.64 


•7»>' *.51 

.1JE..3*,. .' -i. 

so .- • 14*7 . niw cAuiot '■on'- ■■ .»iu«r •*.% i*;ir? ' 
38-6 LOO-OO : AJl,. 1/7/1002 S-. 47.1/4 7-20 
20 r.-iMMItBCO D(T PUT . ‘.I :77 if* ■ 1 1 -68 44.8S .' - 

KkO 100.00- Mtlfi s £ .l5,n..'i.'".H^- . . 

30 19*9 am txaofim hut fl.3i *-« - 

3IMk 100-00 - 5.00 .-6/ 2/1488' 15 U l .4.68 BP1900 

40 - ’ 1%1* MB ■mna.THOTM-fltiA-I . 417/1 
*0-0 XOO-DO- 4.25,. 

14» CAEB EWB6 Q/S : 

iD.n .* • 5.75? ., .1/11/1489 

-1473 nunoMtiinki-'.' '• 

200.00 . ' 1/-4/1488' 


II. 

15.0 


30, 

30-0 


40 . . 1472 
*0.0 100.00 


■wiTiam m.i! . 91 r/ 6 - 9.UJ 1IJ4 ' * . 

1.-15/3/^996' . 'llHa-'-.V -0T"' 

*4 i/a. ,>n ' 45.04 
29.88. : «Lia 


20 ■ , 
■7.5 


I960 
100.00 
75 '*1973: 
75 i® 100-00 


1/A/VUJ- 
wmKinBT 


mmb'> ' 

.S* 1/8/148*' 8 «:u . 

-MKPOKAnw -\ain tM : xi2.W-' ■ .■ 

-- . -i.,0tL 1/12/198* . J ,*0277*'' .. 

20 i960 anx mi? n.w xx : ' 

2(M> 1*MW .1.25 . 38 - ^ ; 


WestLB Euro-Deutschmarkbond 
Quotations (Continued) 


6% S to tail 78/88 (GJ 

6» Z "A Sterad 79/89 (G) 

7% StatufooratBg 77/85 

StacKnalm County 75/87 

8VA Sumitomo Moral 75/82 

7>,% Sun Oil Inc Fin. 73/88 

7VXi Sven ska Call. 73/88 

1(M.% Sven ska Hdl. Bk. 81/87 

6*4% Sve rifles Inv. Bk. 72/87 

7% Sve rifles fnv. Bk. 73/88 

8 1 j% SvorigtB Inv. Bk. 75/83 

64% Sweden 77/8* 

6% Sweden 77/89 

7?«% Sweden 79/89 

74% Sweden 79/B8 PP 

8% Sweden 80/87 PP 

94% Sweden 80/87 

9% Sweden 80/87 PP 

94% Sweden 80/87 PP 

77,% Sweden 80/90 

94% Swedish Export 60/87 

104% Swedish Export 81/91 

9% Touernautobahn 75/82 PP (G) 

9% Tauemeulobahn 75/83 PP (G) 

54% Tauernautobahn 78/93 (G) 

84% Teuerneutobafin 80/90 (G) PP 

7% Teuemkraftwerke 68/83 (G) 

6*i% Tauemkraltwerke 68/83 (G) 

8% TenpRnco 73/33 

8^,% Tenpfinco 75/82 PP 

64% Thallind 78/83 PP 

84% Thy* sen Cor. Fin. 75/82 PP 

84% Tliyaeen Car. Fin. 75/82 PP 

74% Tokyo O. Power 89/84 

64% Tokyo El. Power 78/85 

54% Toyo Rubber 78/83 PP 

64% Traf. House Fin. 72/87 

6% Trinidad & Tobago 78/83 

64% Trondheim 88/83 

54% Trondheim 78/88 

74% TRW Int. Fin. 89/B4 

6% TVO Poemr 78/88 (G) 

54% UDS Group 78/B3 

84% Unilever 75/87 

64% Union Bank Finland 78/88 

54% Unlrcyel 78/84 PP 

64% Unit. Arab. Emlrat 77/82 PP 

7% Venezuela 68/83 

6% Venezuela 78/88 

64% Venezuela 78/90 

94% Venezuela 80/90 - 

114% Venezuela 81/91 

B4% Vienne 75/84 

54% Vienna 77/84 PP . — 

84% Voeat-Alpine 73/88 

84% Voem-Aloina 75/85 

64% Voest-Afpine 77/89 

Pili Wefls-Fsrgn ex w. 

84% Weatland- Utrecht 80./85 PP 

9% Westland -Utrecht 80/87 PP 

S4% World bank 65/86 

64% Wprtdbanfc 68/8* PP 

64% Worldbenk 69/8* ' : 

6»»% Woridbank 68/8* PP 

6% Woridbank 69/8* PP 

8% Woridbank 70/88 ' ; 

74% Woridbank 71/85 f 

74% Woridbank 71/86 II .-. 

84% Woridbank 72/82 

64% Woridbank 72/87 - 

6»*% Woridbank 73/83 .... 

64% Woridbank 73/88 

84% Woridbank 75/82 PP - 

8% Woridbank 75/82 

84% Woridbank 76/83 

8% Woridbank 78/82 PP 

74% Woridbank 76/82 PP .... 

74% Woridbank 78/83 

74% Woridbank 76/83 

64% Woridbank 78/83 PP 

8% Woridbank 76/84 

54% Woridbank 77/82 PP 

7% Woridbank 77/85 PP. 

84% Woridbank 77/85 PP 

6% Woridbank 77/85 ; 

7% Woridbank 77/87 

64% Woridbank 77/87 ...... 

54% Woridbank 38/84 ..., 

6% Woridbank 78/88 

64% Woridbank 78/88 

64% Woridbank 78/90 ....... 

7% Woridbank 79/85 PP J.... 

74% Woridbank 78/87 PP 

74% Woridbank 79/81 

10% Woridbank 80/88 

84% Woridbank 80/88 PP 

9% Woridbank 80/88 PP 

74% Woridbank 80/80 

74% Woridbank 80/90 It PP 

10% Woridbank 80/90 .......... 

8% Woridbank 80/90 

74% Woridbank 80/88 PP 

94% Woridbank 81/91 

10% Woridbank 81/91 ....... 

104% Woridbank 81/81 

T1% Woridbank 81/81 

10% Woridbank 81/91 11 

64% Yokohama 88/83 (G) 

7% Yokohama 60/84 fG> 

8% Yokohama 71/86 fG) , 

•% Yusosl. inv. lank 77/8* PP 


M 

Cnm»l 

VMM 

vi«wie 

Maturity* 

Life* 

a*j6 

7.12 

a. 29 

0.59 

aa jso 

7.51 

9.17 

7.0S 

8B.00 

7.63 

10.98 

205 

95.28 

9.19 

10.62 

3.07 

S3 .25 

8.56 

10.16 

0.42 

94.40 

7.94 

8.65 

6.50 

88.50 

8.19 

9.88 

6.00 

100.00 

10.25 

10.23 

5.72 

92.60 

7.29 

8.00 

5.09 

S3J25 

7.51 

8.46 

6.09 

99.50 

8.54 

895 

1.34 

83.50 

- 6J95 

9J3 

2.25 

81 J5 

7J8 

9.49 

7.84 

88^5 

8.78 

10.05 

7.42 

. 8SJS 

8.80 

10.41 

7.50 

90.75 

8.82 

10.45 

5.04 

100.00 

9.75 

9.73 

5.17 

95.25 

9.45 

T0.T8 

5.29 

95.50 

9.89 

10.31 

5.75 

•88.00 

8.95 

10.01 

8.59 

96.75 

9.82 

10.25 

5.84 

39.75 

10.28 

10.28 

9.74 

93.60 

9.0* 

13.41 

0.09 

98.75 

9.11 

10.2* 

1.C9 

73.80 

7.45 

9.38 

11.17 

91.OT 

9.29 

9.99 

8.71 

98.re 

7.09 

8.50 

1.00 

98.2S 

6.62 

7.83 

1-59 

82.65 

8.83 

9.03 

11.75 

99.50 

3.55 

15.10 

0.09 

92.00 

0.79 

14.08 

1.17 

.99.40 

855 

11.88 

0.17 

98.65 

8.36 

11.45 

0-42 

96.00 

7.55 

9.94 

1.80 

92.70 

7.01 

9.18 

3.25 

93.00 

5.91 

10.23 

1.67 

91.26 

7.12 

8.49 

5.67 

94.75 

6.33 

10.8S 

1.17 

94.76 

7.12 

10. IB 

1.84 

82.00 

7.01 

10.44 

5.14 

96.00 

7.81 

9.43 

2.07 

83.00 

7.23 

9.89 

6.00 

92.50 

6.22 

11.11 

1.59 

98.25 

8.S5 

8.91 

5.25 

83.00 

7J3 

10.03 

6.88 

84.75 

6.78 

13.26 

2.50 

96-50 

6-85 

12.89 

0.2S 

97.75 

7.16 

8.64 

’.67 

75.75 

7.92 

11.80 

6.09 

76.50 

8,50 

10.77 

8.75 

95.75 

10.18 

10.50 

8.75 

100.00 

11 .60 

11.48 

9.82 

98.35 

8.39 

9.43 

1.47 

88.50 

6.50 

10-58 

2.87 

96.00 

8.86 

9.31 

6.67 

97.00 

8.76 

10.38 

1 77 

85.75 

7.87 

10.76 

4.B9 

90.00 

7.22 

8.50 

6.75 

92.50 

9.48 

11.77 

309 

90.00 

10.00 

11.45 

5.75 

98.25 

6.60 

0.21 

3.17 

94.85 

6.87 

10.77 

1.41 

95.50 

6.81 

10.53 

1.30 

94 JO 

6.89 

11.00 

1.41 

33.25 

6.43 

10.63 

1.66 

36.75 

8.27 

0.53 

2JE 

94.50 

7.94 

10.33 

2.24 

94.00 

7.98 

10.09 

2.74 

98.65 

6.59 

9.75 

0 42 

81 JS 

7.40 

10.29 

2.99 

97.40 

6.93 

9.59 

1.00 

90.25 

7.08 

10.22 

3.06 

85.15 

6.32 

10.6S 

0.34 

98.60 

8.11 

9.78 

0.84 

98.10 

8-41 

9.87 

1.42 

98.70 

8.11 

10.67 

0-SO 

98.25 

7.89 

10.4S 

0.67 

97.50 

7.69 

9.06 

1.S 

96.75 

8.01 

9.90 

. 1.67 

94.00 

7.18 

10.48 

1.84 

97 JO 

8.21 

9.43 

2.00 

97.40 

6.65 

9.89 

0.62 

92.00 

7.61 

10.14 

3.09 

89.00 

7.30 

10.55 

3.25 

89.80 

8.70 

9.50 

3.62 

89.66 

7.81 

9.74 

4.92 

86 JO 

7.51 

9-90 

5.25 

9U5 

6.29 

9.78 

2JO 

81.86 

7.33 

9 JO 

6 JO 

82.75 

7JS 

9A2 

6 84 

80 JO 

7.19 

10.13 

6.44 

90.75 

7.71 

10.24 

3 JO 

87.00 

8.19 

10.32 

5.50 

87.25 

8.88 

SM 

9.42 

103 JSO 

9-08 

8J5 

4-2S 

32-SO 

9.24 

10.28 

6.32 

96.25 

9.4S 

10.04 

6-25 

89 JO 

8.30 

9.84 

7J2 

88.00 

8.95 

10.16 

792 

W1.75 

9.83 

8.87 

8JS 

90.15 

8.87 

9.74 

8.60 

88.75 

8-73, 

10.18 

6.50 

97,26 

9.51 

9.T2 

8.92 

102.15 

9.73 

9.62 

8.25 

102.50 

10.2* 

10.06 

9.60 

10* XO 

10.58 

10.30 

S-59 

TOO -25 

998 

8.95 

9-82 

99 JO 

6.78 

7.21 

1-59 

99.60 

7.0* 

7.33 

2.57 

89.50 

6.12 

8,3ft 

4.60 

iojb 

M* 

19.0ft 

2-87 


MUY W M 
O mawQ at e r f Or e wl n n 
hv let at ear. 
Slinking fend ■ 


1. 9.84— 88S 
1. 3.S5 — S9S 
1 . 3.82— 86D 
1. 4-79— 87D 
1 . 7.82 
1. 8.79-88S 
t. 2.79— 88S 

20.10.87 

1. 3.78— 87S 
1. 3.73— 88S 
1. 6.80— 83S 
1. 5.84 
1.12J3— - 89S 
1. 7.89 
1. 8.89 
16. 2.37 
1. 4.87 • 

15. 5.87 
1.11.87 
1. 9.90 

1.12.84 — 67S 
7.11.88—91 

due 1. 3.82 
1. 3.83 
1. 4.84— 93S 
16.10.90 
1. 2 74— S3D 
1. 9.74— S3S 
1.11.62—935 
due 1. 3.82 
1 . 4 A3 
due .1. 4J2 
1. 7.82 

1.12.75— 840 
1. 5.85 

1.10.83 

1.10.78— B7S 
1. 4.83 
1.12.72— 83S 
1. 4.86— 88D 

1.10.75— «4S 
1. 2.84—885 
1. 9.83 

1. 5.81— 87S 
16.12.84— 68S 
1. 8.84 
due 30. 4.82 
1.10.74— 83S 
1. 3.84— 88S 

1.11.85— 90S 

1.11.86— 90 

I. 12.91 

II. 8 79— 84D 
15.12.84 

1.10.79— 88S 
1. 6.81— 85D 
1. 6.84— 69D 

1.11.79— 88S 
1. 3.85 

1.11.87 

1. 4 71— ass 

2. 1.77—8*0 

1. 6.75— 840 

2. 1.77-84D 
J. 4.77-84D 
1. 1.77— BSD 
1. 6.77— 860 

1.12.77— 86D 
1. 7.82 
1. 3.78—870 
1. 2.83 

- 1; 5,79—880 

duel 0.82 
1.12.82 
1- 7.83 
1. 8.82 
1.10.82 
1. 5.83 

7.10.83 

1.12.83 
1. 2.8* 

15. 9.82 
1. 3 S5 
7. s.a$ 

15. 9.85 
1. 1.87 
1. 5.87 
1. 8.84 
1 . 8.88 

1 . 12.88 

1. 2 87—600 
1. 8.85 
1. -8.87 
1. 7.9T 
. 1. 5J5 
1. 3.BB 
1. 5.88 
1. 1.90 
1. 1,90 
1. 5.90 
1. 8.90 
1. 8.88 
T. 1.51 
li 5.92 
1. 8.91 
1. 9.9* 

I.HJt 
1. 9.73-633 
30. 9.73-3*3 
1. 8.77— 363 
19,12.76-3*3 


■ INVESTMENT yHr^' 

The following funds include Eurobond issues witbinfiieir portfolios . ry^':^rcf: : r 






Quotations & yields as at 31st Jaimary , 198 ^ . . . 


SOCXBTE GENERAL De BANQU & ~- 

, ' . v v />•»■= i 

Tntm neznma t in r rnrcnmnYmr 


Funds 

37/1/82 

Pries 

first 

Issue 

Price 

YMd 

% 

Dhr, 

; Date 

. • ’ - . 4 - 

7A2/»- : . 'JT/1/82 

.’Lewr. 

Xfirr* : - ' nnm 
£:M«fc« ;;;;r \ ; 

Rentinvest 

Capital 

Rentinvest 

LuxFriUB 

UxFrl951 

LuxFrlOOQ 

LuxFrlOOO 

9J2 

Capita 

20/17/81 

isatkm . 

LuxFrPH LuxFr743 

Luxfr2009 LuxfTl«7 

£axFf9T~T' T U^cFrfrzr; 
LnkFrioOP iiu^rl 32T. 


i - •• 
. '' " 'J ■>•'- 


r- ■ A. -- 



The Association 
of International 
Bond Dealers r-r 


i • -i • 


i 


MARKET MAKERS 


‘-...K-y.* : ••• 


REGION 1 - BELGIUM 


Dewey, Sebllte, Serve la 
Kradlstbonk N.V. 


REGION 2 - FRANCE 


Bemjue Arab* et Intenwrienale 
<P Invest] see man t (B.A.I.1-) 

Benque de I'Union Eurapiima 
Ban C( u» Nations!* de Peris 
Credit Commercial de France Parle 
Credit Lyonnais 
Banque NMB-Interunion 


REGION 3 - GERMANY/AUSTRIA 


Commerzbank AG 
Deutsche Bank AG 
Dresdner Sank AG 

Westdeutscho Lan dee bank Girozentrele 
Creditanstalt Bankverein 
Giro ten train und Bank der 
Oeterreichiachen Sparfcassen AG 


REGION 4 - ITALY 


Banca Commerdale Itallana Milan 
Banco Ambrotsbno S.pJL 

Banco di Rome 

Credits itslmnn 

Ittituto Ban carl a I tail an d 

Istituto Bamario San Panio dl Torino 


REGION 5 - LUXEMBOURG 


Sample GGotfrafa dtr Luxambourg S.A. 
Banque International i Luxembourg S.A. 
Bayeriecha Landeebenk International SJL 

Dowser Luxembourg SJL 
Kredietbank SJL Luxambourgeoiaa 
Sw bi Bank Corporation jUnombourg) 


REGION 6 - NETHERLANDS 


H. Albert de Bary 3 Ca. N.V. 

AigOflwne Bank Nederfend N.V. , 
Amato rdam-Ronardam Bank N.V. 

Bank Maes & Hope 
Bend eye Kd A Co. N.V. 

Centraie Rabo horde Utrecht 
Bank Van der Hoop. 08am N.V. 

Bank Morgan Labouchen N.V. 

F. von Lansehot 

Nederiendenhe Mlddanetfindobank N.V. 


Nedsriandse Credletbank N.V. 
Ottervanger EfiiCtankantoor-B.V. 

Pi Orson. Hold ring ft Piaraon 
Slavenburg. Orene ft Van Eaghsn IHV. 


REGION 7 - NORDIC 


Bank of Heiainki Ltd (Helfe&igfOr AktMrarA} 
Bergen Bank 

Christiana Bank og K/edbfcaemi . 

Den norake Cradittunk 
"tn minffw e Be n fr nf IffTT A frt f— el ekgft 
R. Henriques-lr. Bwik-Akthneickiib 
Kensal lie*Oeake-Penkki 
KjdbtRhms Handetebenk 
. PoetipankJu C- 

Prhrtabanken Aktieseiskob 
Skandlnavieke EnekHda Bpnken 
Skopbanfc 
Sparakasien SDS 
Union Bank of Finland (Nordfefca) 
F&reningebankSn (AB) 

Union Bonk of Norway. 


REGION « - SWITZERLAND 


BondpertrMra S.A. . 

Credit Suissa/Swtes Credit Bank 
Swiss Bank.Corpibratton /. ' 
Union Bank, of Switzerland . . . 


REGION 9 - UNITED KINGDOM 


Aktoyd ft Smhheii LnL • 

Amro Int. Ltd. . 

Beche Heieay StUait Shields 
Banker America international 'Lafc.^ 

Bankers Trust (ntematronef Ltd. 

Btyth Eastman Paine Webber Ltd.' 

Cheae Manhattan Ltd. 

Chemical Bank, iitteiw a tienai.ffid. 

C.I.B.C. Ud. 

Citicorp inter na tional Bank Ud. 

ComkwnW HUnote ltd. 

Credit Cemnmciai de frame. (Sacuitdes) ltd. 
Credit Suisse Rrat Boston Ltd, 

Croswdo intamatimal 
Daiwa Europe Ud. 

Dean Witter Reynolda Overseas Ltd. 

DeKoc SsotlriW (UK) Ltd. 

DIHon, Read Queiem Corporation 
Dominion Securitfes Ltd. 

Donefdsm, Lufkto ft Jenrette iriteroetkawl 
Eorapesn Banking Company Ud. 

Rrat CMcago Ltd.' 

Robert Piemirm ft Cp. 

Goldman Sacha lntamatfcnH Corp. ' 


Hambroa Bank LM. 

1BJ intWTurtkmal Ltd.; 


ttalfoo (ntornwlfottil Bonk ' 


r -.1" 

’B&.-.Oi 



' Kidder. Ptrabody Securtdee 'Ud. 

Kuhn.- loeb Lehman Bnafwn 
London ft CoRtnenta^’^Kdcera 
. Uoyde frank fftt*m«tldo^'Ltd.'. . .* . 
UanuNuctwpre Hanover Ud.: ^ :V! j 
McLeod, ■ Yaiung Wiefr liite metl Oriei-Zt^. X 
, Merrtfl Lynch; Werce, Fenner- end 
(Bndcm ft Deatere^ Ud.. ... 

Midliind | Doherty ,Ltd. : r ■. 

Mqrgan difflreniy Ltd. /. 

‘ Morgen ■8fa»^^ ^wi i fe' i a v *=?■ *'•' " 
INVANo SfOuritbUL Eu/opoi JUbdL-.VV^ :: ".- 
The NBifw' Securitfes Co- ffiuropo^ttC; V 
* Nomura iritarnatkind but; 

Nordic Bonk lad. 1 - •’ • V- '•' V - = v- _ 

- Ord 

; "Priori Royet pent. Ud; [l -- ;:■->• ! 
^UMdilru. Denny ft Cdl !:tC " 

. PKB-fnv oet r nW Tt e . 

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10J» Yen AndMe, KUS-12.07 tan — which prove to be too long by about a third- BBC-l’s 


10J» YOU And Me, 10-15-12.67 pm ' a P*”* ™ b© too long by about a third- BBC-l’s 

. For Schools, Colleges. UM News T?t '^ aycrlc * was ^ mas£ recent, hot toirigfet when the senes 
After Noon, LOO Pebble to earnest 14 contracts to 50 minutes -which is probaWy 

One, 145 Qsmb«wii*r Green. •» .fig” "P 1 ft » tateresting to hare a Western back on screen, 
101 For Schools, Cofieg «s. 8 j»- -a^peoally with toecesatrai role being played by the same actor 
Deiia Smdai'g Coofecy .qoan»i r —%Famfis Garner— who created it 20 years ago. 


- - ^VWiQ 

. Andrew Sashs (Manuel from FawHy Towers) stats in ITV’s 
co^jP senes Bead Ernest wfoch is set in the highly original 


355 See - Hem^ -3Ja Regtawt ; . Andrew Sadis (Manuel from FawMy Towers) stats m Try’s 

^ C0 ^ sai9S £*** Enicst «**<* ® “ the highly original 

I^ndon). gjS PlaySd axA, 450 jocale of heaven. Panorama (BBC-1) lodes at the state nfthe 

ifS?* “* Rafce « Keen interviews Mkhacl Foot BBCfi’s 

1*00 Borfe<m <tewted to “Ohe dine Afiaar." Dr Martin Cline’s 

IS R& experimental treatment involving genetic engineering in humans. 

E^ ' l™ j£St toft, biffing ia Eadio TtaSjmto « BB&l 

-•• • * H*fc*7 at a petroi station. ' 


/ 5^0 -News.. "■:"...? 

6.00 Regional News ESaga rises. 

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'85ft Panorama. 

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955 last oftoe Sommer Wine,, 
starring Bill Owen, Peter 
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1055 Fftm 82 with Tina Brown. 

f 1L05 PfcnJ Silvers as Sergeant 
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1155 News HeadKnes. 

1L35 Speak For' 'YoanBeBT; 

- “Asking for Time Off 

: ,:W«rt“ ' 


7.QS-7.S5 am Opes University, 
1055 Speak For Yourself, 
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1155 Play It Safe! 

1155 Write Awayl 
2-00 pm Long, Short and Tall 
- . Stories. 

255 Maths Help. 

240 Other People’s lives. 

- 3.05 The Computer Pro- 
gramme. 

350 Business Club. 

1355 Star Movie: “You Never 
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POWeZL 

5.10 Priory School — Manage- 
ment In Actioiii 


t5.4D Laurel and Hardy in “Any 
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650 Maggie. 

655 Mr Wrath's Favourite 
Gaaden. 

650 News Summary. 

6L55 Riverside. 

755 The Genuine Article^ 

750 Crufts. 

855 Grace Kennedy, 

9.00 Irish General Election 
Special. 

955 Horizon. 

10. IS West Country Tiles. 

10.45 Newsnight, 

1150 TOIG-Montage. 


950 am Schools Programmes. 

12.00 Cockleshell Bay. 1250 pm 
Rainbow. 1250 That’s The Way. 

1.00 News with Peter Sissons, 
plus FT Index. 150 Thames 
News \ifth Robin Houstin. 150 
About Britain. 2.06 Money-Go- 
Round: Joan Shenton and Tony 
Bastable investigate consumer 
problems. 254 Monday Matinee.' 
Gregory Peck in “The Million 
Pound Note.” 4.15 Dr Snuggles. 
450 Graham’s Ark. 4.45 The Book 
Tower. 5.15 sir and Mre. 

5.45 News. 

650 Thames News with 
Andrew Gardner and Rita 
Carter. 

655 Help! with Viv Taylor 
Gee. 

655 Crossroads. - 
740 Wish You Were Here ,? 
750 Coronation Street 
840 Dead Ernest 
850 World In Action:' A 
Bankrupt Game— English 
Soccer. 

950 Hill Street Blues. 

10.00 News. 

tlOJO “life At The Top." star- 
ring Laurence Harvey, 
Jean Simmons and Honor 
Blackman. 

1240 am Close: “ Sit Up And 
listen ” with E&abetb. 

Lntyeos. 

f Indicates programme In 
black and white 


Fault inherent in Harman judgmen 


AH DBA Regions as* London 
except at the following times: 


1JD pm Adq I f > Nmvr. 220 Monday 
ftkn- Matinee: “ Ctordfe." starring 
Mestafr- Sim and BiN Travers. 5.16 
University . ChaHengo. . 8.00 . About 
Angtia. 630 Survival. 1050 Anglia 
Rapora. 150 The Pataca Praams— 
Jack Jonaa' guests a ra Haary Ma acini 
andxingsi Lae Tie Uggama. 1250 Super- 
star Profile. 1250 am Raft action. 


CHANNEL 

1 50 pm Channol Lunehtima News. 
VWiafa On Whan and Weafiier. 250 
The Monday Marinas: “ Search lor die 
Gods/ 4 5.15 Emmerdafe Farm. 6.00 
Channel Report. 650 The Two of' Ua. 
1058 Channel Lata ' News. 1056 
'Ladles 4 Man. TI.OS Gaffing Greats 
(Severiano BaUauteras). 1150 Barney 
Miliar. 1155 Newa and Weather in 
French. 


Parana and Teenagara. 1150 Tha 
Living Legs nth of Jazz end Blues 
teamring Kotio Taylor. 

HTV Cymm/WaJas — As HTV West 
except: 12 . 00 - 12.10 pm Ffafabalam, 
4.15-450 Mr Magoo. 446-6.15 Sflr. 
6.00 Y Dydd. 650-7.00 Raport Wales. 
650-9.00 Yr Wyrhnoa. 11X0 Worfd In 
Action. 1150-12.00 Parems and 
Tea nag ora. 


TSW Lata Nawa. 1055 Ladies’ Men, 
11.06 GoJflng Greats (Severiano BenJ^s’- 


taroa). 1150 Be may Miller. 1155 
Postscript. 12.00 South Warn Waashsr. 
12.01 pm Close Down. 


TYNE TEES 


950 am Ttio Good Word. 955 North 
at Newa. 150 pm North East News 


SCOTTISH 


GRAMPIAN 


BORDER 


. 150 pm Border News. 200 Rim: 
44 Rhodes of Africa/ 4 starring Waiter 
Huston. 3.45 Money- Go-Round. 5.16 
Bygones. CJJB Looks round Monday. 
6.16 The Sound Of . . . Sandy and 
Derrick. 650 Mr and Mrs. 1050 
Thriller, 11 AO Border News Summary. 


955 am First Thing. 150 pm North 
Naws. 250 Monday Matinee: 41 Sends 
of tha Desert. -4 starring Che rile Drake. 

6.00 North Tonight. 650 Country 
Focus. 10.30 Monday. Movie: 44 Blind 
Terror/ 4 starring Mia Farrow. 12.10 am 
North Headlines. 


150 pm Scottish Nawa. 2.00 Mon- 
day MMinae: 44 The Last Day of tha 
War, 4 ! starring George Mahans. 3.45 
Monay-Go-Round. 5.15 Emmordale 
Form. 6.00 Scodand Today. 6.40 Crime 
Desk. 1050 Lata Calf. 1055 Golfing 
Greats — Pater Thompson. 11.05 Thriller. 


East Newa. 150 pm North East News 
and Looka round. 250 Monday Matinee: 
44 Sapphire. 44 starring Nigel Patrick 
and Yvonne MitcheH. 5.15 Happy Days. 


6.00 North East Naws. 8.02 Mr and 
Mrs. 656 Northern Ufa. 1050 North 
East News. 1052 Bnefing. 11.15 Lou 
Grant. 12.10 am A Look at BeWringing. 


ULSTER 


GRANADA 


CENTRAL 


150 pm Central News. 2JOO Star of 
the Weak: Aiac Guinness in 44 Tha 
Horse's Mouth. 44 3,46 Money-Go- 
Bound. - 6.00 Central News. 105D 
Parents and Teenagara. .11 50 Centra! 
Naws. 1155 Laft, Right and Centre. 
11.45 -Parra by Night. 12.15 am Some- 
thing Different. ■ • 


150 pm Granada Reports. 250 Mon- 
dsy Meonaa; "The Lest Day of tha 
War." 5.16 Dick Turpin. 650 Mr 
Meriia. 650 Granada Reports. 9.00 
Quincy. 1050 Danger UXB. 1150 City 
of Angels. ' 


150 pm TVS News. 250 Monday 
Motlnea: 44 Tha President's Mistress 44 
(TV movie), 6.15 Radio. 550 Coast 
to Coast. 650 Coast to Coast (con- 
tinued). 650 Stiff Little Fingers. 1050 
A FuR Ufa: Lord George Brown. 11.00 
ThriHait 44 Death in Small Doses." 
125S am Company. 


150 pm LunchUma. 250 Monday 
Matinee: " Coney Island, 44 starring 
Batty GraMe and Cesar Romero. 4.13 
Ulster News. 5.15 Redio. 550 Good 
Evening Ulster. 650 Good Evening 
Ulster. 650 Mr and Mrs. 9.00 Quincy. 
10.29 Utc4ar Weather. 1050 Welcome 
Bock Kotter. 11.00 Fsca .Your Future. 
1155 Newa at Bedtime. 


YORKSHIRE 


.1 50 pm HTV Nawa. 1250 Monday 
Marines: 44 Doable Bunk/ 4 starring Isn 
Carmichael and Janetta Scott. 5.15 
DiiTrenr Strokes. 6.00 HTV Newa. 
1058 HTV News. 1050 Soap. 1140 


1.20 pm TSW News Haadfinaa. 250 
"Search for the Gods. 44 4.12 Gus 
Honeybun's Magic Birthdays. S.15 
Emmerdeie Farm. 6.00 Today South 
West. 650 The Two of Ua. 1052 


150 pm Calendar Newa. 1250 Mon- 
day Matinee: 44 Mr Perrin end Mr 
Train." starring Marius Goring. 6.00 
Calender (End ay Moor end Belmont 
editions). 6.30 It's a Vet's Ufa. 950 
Quincy. 1050 There's Ufa North of 
Watford. 11.00 Lou Grant. 


(S) Stereophonic bnadOB 
- 4 Medium wave 


RADIO 


RADIO 1 


550 am As Radio 2. 7.00. Mike Read. 

9.00 Simon Bates. 1150 Dave Lea 
Travis. 2.00 pm Paul Burnett. 350 
StevB Wright. 550 Peter Powell. 7.00 
Stayin' AHve wMi Andy Peebles. . 8.00 
David Jenaan. 10.00-1250 John Peel 

(S). 

RADIO 2 

5.00 am Ray Mbora (S). 750 Terry. 


Matthew with Round Midnight. 
150 am Trackers' Hour (S). 250-550 
You and tha Night and the Music (5). 


RADIO 3 


655 am Woathar. 750 Naws. 755 
Morning Concert (S). 8.00 News. 


8.05 Morning. Concert (continued). 
9.00 Newa. 9.05 This Week's Corn- 


Wagon (S)_ 1050 Jimmy Young (5). 
12.00 Gforie HunnHord (S). 250 Ed 
Stewart (SV .450 Devid. Hamilton (SI. 
5.45 News: Sport. 650 John Dunn (S). 
850 Folk on 2 (S>. 9.00 Humphrey 
LyRjMon with the Beat of Jazz (S). 
955 Sports Desk. 10.00 Monday Mows 
Quiz with Ray Moora. 1050 Star Sound 
with Nick Jackson. 11.00 Brian 


9.00 Newa. 9.05 This Week's Com- 
poser; Antonin Dvorak (5). 10.00 

Music for Organ IS}. 1055 Luola Popp- 
song mcitei (S). 10.55 'Music - for 
Guitar (S). 1155 BBC Symphony 


Pleasure (S). 7.00 Aspects of the 
Blues by Francis Smith. 750 Sibelius 
(S). 850 East West Report. 855 Col- 
lege Concert, pan 1: Boulez, York 
HoHer (S). 9-ffl On Tour (short story). 
950 College Concert part 2 Johannes 
KaHtzko, Gy orgy Ligeti (S). 1050 Jazz 
in Britain featuring the Tony Oxley 
Percussion Ensemble (S). 11.00 News. 
1155-11.15 Moscheles (S). 


O rdiBwtn (S). 1 50 pm News. 1.06 
BBC Lunchtime Cancan (S). 255 

Metinte- Musicals (S). 3.05 The Songs- 
of Mussoigefcy (S). 355 Now Records-. 
<S). 455 News. 550 Mainly .for 


6.00 am Naws Briefing.' 6.10 Farming 
Week, 655 Shipping Forecast. 650 
Today. 855 The Week on 4. 8.45 
Giyn. Worsmrp delves into tha BBC 
Sound Archives. 950 Naws. 9.06 
Stan the .Week with Richard Baker 


(S). moo News. 10.02 Money Box. 
1050 Dolly Service. 1055 Morning 
Story. 11.00 Naws. 11.05 Down Your 
Way visits Swindon. 1150 Poetry 
Pleaser 1£50 News. 1202 pm You 
and Youra. 1227 Legal. Decant. Honest 
and Truth lirf (S). 1255 Weather, pro- 
gramme news. 150 The Worid at One. 

I. 40 The Archers. 1.65 Shipping Fore- 
cast. 200 News. 202 Woman's Hour. 
350 Naws. 3.02 Afternoon Theatre. 
455 Bock in Inn Minutes. 4.45 Story 
Time. ' 6(00 PM: News Magaztais. 550 
Shipping. Forecast. 555 Weather, pro- 
gramme news. 6.00 News, including 
financial Raport. 650 Just a Minute 
(S). 7.00 News. 7.05 The Archers. 
750 Start the Week with Richard 
Baker (S). 8.00 The Monday Play (S). 
950 Kaleidoscope. 959 Weather. .10.00 
The World Tonight. 1050 Soience New. 

II. 00 A Book at Bedtime. 11.15 The 
Financial World Tonight. 1150 Today ■ 
In Parliament. 1200 News. 


IN THE absence of anything 
in F.tigiwb law remotely com- 
parable to the freed om-of- 
vnformation legislation in the 
United States, It was. peefaaps 
inevitable that - the more tradi- 
tional (dare one say 14 conserva- 
tive," even with a small- c?) 
judges, steeped 'in the principles 
of privately conducted litigation, 
would decide that Mfas Harriet 
Ha rman legal officer for the 
National Council itx Civil 
Liberties, was guilty of con- 
tempt of court In allowing a 
journalist to read documents in 
her possession as a solicitor for 
one of tiie patties, which had 
been referred to in open court 
; during the litigation, 
j Fortunately, Lords Simon of 
Glaisdale and Seaman, in their 
vigorous joint dissent, have 
rescued the English judiciary 
from the justified accusation of 
1 a narrowness of mind that all 
too frequently characterises the 
approach of the English judge. 

Although the dissent is pri- 
; znarily . accredited to Lord 
Scannan (because he delivered 
the Judgment), the significance 
at his collaborator should not 
be lost on the public. 

Lord Scarmzm,. a practising 
lawyer, judge and first Chairman 
of tiie Lew Cannabssion, who has 
been the loudest advocate' among 
the judiciary for a latter-day Bill 
of Rights, was predictably in 
favour of the widest possible 
freedom of communication. 

Lord Simon of Glaisdale, who 
must be rated one of the-flnest 
intellects that has graced our 
modern judiciary, had before 
becoming a . judge a vast 
experience of public administra- 
tion that might have led him to 
preserving in the'public interest 
the secrets of government* if 
not the confidences of non- 
governmental litlgairts; 

He was a Conservative MP 
from the mid-1950s until he 
became president of the Divorce 
Division in 1952. 

During that tim? he was 
successively a junior minister at 
the Home Office (the very 
department that sought to pro- 
tect -the internal memoranda of 
its prison department from more 
public' scrutiny than the court 
proceedings strictly necessi- 
tated). financial Secretary to 
the Treasury and Solicitor^ 
GeneraL . ' 

His vote for a. wider dissemi- 
nation of information to the 
public must be viewed to- part 
at least as a permanent -rebuke 
to his judicial colleagues, 

Lord Dipiock’s insistence that 
the case was “ not about free- 
dom of speech, freedom of the 
Press, dpenness- of justice or 
documents- coming into ‘the 
public domain’”! is a hollow 
protestation. 

His further opinion that the 
case did not even call for con- 
sideration. of any of the human 


rights and fundamental free- 
doms guaranteed, in the' Eimo- 
pean- Convention on Human 
Bights may, however, have more 
substance. (We doffi to due - 
course see whether that is a 
sound opinion, for the ,NCCL 
promises to tafce-its case to the 
Commission, at Strasbourg.) 

But any instance where the 
public has the opportunity of 


some wrong perpetra&ed on him , 
the judge becomes directly in 
nontmi of t&e preparation of 
the case for triaL - - 
K is. Sris duty to determine 
what material- is relevant and 
what he waatB. and it is his task 
to inform frimgrif of the 
applicable tow.- He will say what 
documents he needs and may 
take. whatever steps .-are neces- 


THE WEEK IN THE COURTS 


BY JUSTINIAN 


learning for itself what 3s being 
done by government in the 
public's name, even if it arises 
out of tiie* hnuted area of a 
distinct and novel -piece of 
litigation, can hardly have failed 
to arouse at least debate about 
tiie nature and precise scope of 
tiie principle of freedom of com- 
munication. (The Home Office 
was being 4 sued by an er- 
prisoner over his alleged unlaw- 
ful confinement in a control 
.unit at Wakefield Prison in 
1974.) 

The case could be viewed, 
as Lord Diplock desired It to 
- be, on the limited question of 
the scope of disclosing docu- 
ments in civil actions In the 
courts. Had it not been for 
tiie adverse ruling to Miss 
Harman, the dissenters might 
have felt content so to limit 
tiie scope- of their judgment. 

The practice of compelling 
disputants In legal proceedings 
to produce to their adversary, 
for inspection and copying, all 
documents in their possession 
or control that cpntato infor- 
mation enabling the rival to 
advance his own case ' or to 
refute the opponents conten- 
tion is a feature peculiar to 
the English system of litiga- 
tion. 

Disputes which are brought 
to law in England are not 
orchestrated by the courts but 
by the parties according to 
recognised procedures. 

From time to time the 
courts will have to determine 
pre-trial issues whether one or 
other party is complying with 
that procedure. 

Otherwise the court retains 
an Olympian aloofness and 
awaits the day of trial; when 
it will adjudicate on . the 
material adduced by evidence 
put- before it by the rival 
parties. Rarely, if ever, does 
the judge himself call for 
evidence that the parties do 
not wish 'to adduce .before 

him. 

In tiie civil tow systems of 
Western Europe St is. quite 
different The moment tint the 
jurisdiction of toe court is 
invoked by a party aggrieved by 


easy to provide any immunity 
from disclosure. 

Moreover, there ds no estab- 
lished general rule ifcat civil 
actions must be beard in open 
court, end toe parties to toe 
Ktigation are entitled to remain 
- anonymous. 

The? Benthamite doctrine toat 
proceedings in a court must be 
in public is not to satisfy public 
curiosity about toe private 
affairs of individuals who have 
recourse to toe courts for toe 
resolution of their disputes. Nor 
is & even primarily to facilitate 
public discussion on matters of 
general interest toat may 
emerge in the course of toe liti- 
gation. 

The reason for openness of 
court proceedings is that “ pub- 
licity is the very soul of jus- 
tice. It is the keenest spur to 
exertion and the surest of all 
guards against improbity. It 
keeps the judge himself while 
trying under trial.” 

The English adoption of that 
doctrine is not wholly in accord 
with Continental countries. But 


It is because the proceedings 
are’ in the open, subject not 
merely, to surveillance of 
- judicial probity but also to pub- 
lic scrutiny of the parties’ omt- 
duct the material disclosed 
to reveal their -peccatHloes or 
even worse behaviour, that 
arbitration is such a favoured 
method in England of resolving 
disputes. 

Although considerably more 
expensive * han going to court, 
arbitration has the d i s tin ct 
advantage of being conducted 
privately — out of public sight 
or knowledge. 

Those who go to arbitration 
know that they are avoiding 
the potential obloquy that may 
follow the searchlight of pub- 
lie’ scrutiny. . Once, however, 
confidential -documents' are 
read out in proceedings in open 
court, confidentiality flies out of 
the courtroom window. 

The majority of toe Law 
Lords were therefore quite 
wrong to conclude that confi- 
dentiality of documents sur- 
vived their public airing, and 
must not be . shown snbse- 
quently to a journalist or any 
other interested comanentetor. 

Once publicly disseminated, 
there is no clawing back of toe 
publicity on the grounds of an 
erstwhile confidentiality. 

The proponents of a freed om- 
of-mform atkm statute for the 
United Kingdom may in fact 
H aim a victory out of the jaws 
of a temporary defeat 

Lords Simon of Glaisdale and 
S carman have now ensured that 
the subject will not be- quietly 
confined to the law reports. 
Their impressive judgment wfll 
stand as a testament for the 
future development of : open 
government 


RACING 

BY DOMINIC WtGAN 


IF BROADSWORD, can, as his 
trainer David Nicholson antici- 
pates, win today's 12-rtumer 
City Trial Hurdle with Com- 
mand there will be no denying 
.tiiat we have in store the most 
competitive Champion Hurdle 
for many years. 

Lord Northampton’s five-year- 
old, successful last time out, has 
already won over this Notting- 
ham two miles having won there 
last season on his way to a 
narrow- Triumph Hurdle defeat 

However, he will need to be 
every bit as impressive as when 
he recently took advantage of a 
2 lbs concession from HeighUn 
over.' 2J miles at Cheltenham 
if he is to keep his position as 
second favourite for the 
Champion Hurdle. 

Although this return to toe 
mfTiiinnm distance will not 
favour Broadsword, a genuine 


stayer on the Flat, it wiil be 
disappointing if he cannot fol- 
low the lead of Daring Run and 
Bkbalco who both excelled on 
Saturday as they ran their fin al 
trial- races. 

Broadsword, bidding to 
become the first of his age to 
lift the crown since Night 
Nurse beat Bird's Nest six years 
ago, . could win there ' at the 
expense of a' likely win-and- 
place bet in Secret Ballot 

Secret Ballot a batf^rotoer 
by Reform to Beacon Light had 
some extremely useful form 
over hurdles to his credit before 
being sent chasing last season. 


NOTTINGHAM 
LOO— Aviva 

1.30 — Brave Fellow 

2 .00 — .T imbrook • 

2.30 — Broadsword 

3.00 — Moonshot 
350 — Troyswood 

4.00 — Ovington Court*** 
FLTJMPTON 

3.45— Abbey Brig 
4J5— Airstream 

4.45 — Harvest Supper** 



■^fe aie tiie newly formed 


team of die StateBaiik of NSW 
.-guaranteed by tbe Government 
of New South. Wales- 

“Wfe already bave substantial 
Government and semi- 


We are now actively seeking a 


commeidal business enterprises 
of every land. 

■ Notnnnadaalfyweareespeo- 
iaHyinterestedinnew corporate 
arid international customers 


TOdian emphasis on die New 
South Wales resources boom and 
related projects. However 'we 
: shall bebappy to consider any 
field of endearonrand our “new 
look -wdcon^extends to aU* _ 
With capitalitems representing 
over 10% of assets, the StateBank 
ranks as the tenth bestcapitalised 
bankinthevroddktpp50() , 
(SoimKTheBahka;J^mc.l98Q.' 

lie recent State Bank Act of 
Parliament allows ns to adepta 
moreacdveprofilecsverseas— 
to. this end^ we havealready taken. 


st^tDi^radeomTepresentatrrc 
omceinNewYorktDbranch scams. 

Future branch representation 
is also planned for London and 

Singapore. 

In addition to New York, , we 
abeadyhave lOTiesenUdve 
cf&cisin I^Ddon,lbkyD and 
Los Angles. 

We also have access to wodd 

capital markets through our 200 

correspondent banks. 

We iherefore believe we are 
better placed than many to give 
you a more perceptive insi g ht 


into the affairs of this fair City of 
Sydney, tins State of New South 
Wales. ..and way way beyond. 

Mn Nicholas Whidam, the 
State Bankh chief executive* has 
an. extensive knowledge of 
Ca p ita l arid mnnpy -marlcete WhiA 
mQ. be invaluable to the Bankas 
corporate and international 
development. 

Mi; Whidam is backed by Mr. 
Don Adams together withanable 
team-expmen qyfin allaspects of 
trade related finance for domestic 
andintemational purposes. . . 


Ifyonwonld Eketo knew 

more about ns why not telephone 
Sydney (02) 266-0211 and asfcfbr . 
Me. DonAdams. In his absence 
Mn Colin Smith or Mr, Bob 
Thomas -will recdveyotL 
. Alternatively, sendus aletteror 
teles and we w31 send you by 
retnm,fnll details of the wholesale 
banking ser vices wehauE to offer, 
together with onr 1981 report. 

We look forward to hearing 
from you. 

!Heplzone(Q2}266-021LlHes 
AA 21550* 


StateBankofNSW 
Corporate & International 
52 Martin Place, Sydney 
New South Wales, Australia 


State Bank 


— g oarante ed by the Gov emmoit 
of New South Wales, 














16 


THE MANAGEMENT PAGE: Small Business 


A key to ‘quality’ in working life 

The DoE’s Work Research Unit has attracted support on both sides of industry,. Brian Groom reports 


OL IVE R TYNAN insists that 
a growing number of British 
employers are seeking ways to 
Srapsove the job satisfaction of 
their members, in spite of the 
recession. 

It seems a strange assertion, 
ai a time when some workers 
accuse managements of forcing 
through unpalatable changes in 
working practices. Tynan, 
director of the Department of 
Employment’s Work Research 
Unit, concedes that companies 
with their backs to the wall are 
driven to extreme measures. 

Some feel it’s no good con- 
sulting— they're got lo do 
something quickly. The decis- 
ions are so uncomfortable that 
they had better take them 
themselves and just take the 
consequences." 

Many companies are not in 
such a bad way he says. They 
are, nonetheless, faced with 
"unpredictable, penetrating, 
large change" in technologies 
ami markets, ?Tiri are increas- 
ingly recognising that provid- 
ing job satisfaction, for their 
■workers is a way of winning 
their co-oporation in necessary 
changes. 


DO’S AND DONTS 
Taste should; 

• eombine to form a coherent 
job 

0 contribute significantly to - 
the finished product 

• provide variety in methods 
0 provide feedback on per* 

■ fomance ■ 

• allow the use of discretion 

• cany responsibility 

0 be controlled by the worker 


OF JOB DESIGN 

Taste should not: 

• be paced 

• be short-cycle 

0 fail to use the skill and 
potential available 

0 create deprivations 

0 prevent people having a 
real say in what affects 
their work 


Frosty 


Oliver Tynan has a vested 
interest in ensuring that this is 
the case, since he heads a unit 
whose aim is “ to increase the 
number of organisations that 
are successfully implementing 
changes to improve the quality 
of working life of the people 
employed in them." 

The ** quality of working 
life” essentially comprises the 
design of jobs, overall organisa- 
tion of work, and permanent 
methods of consultation and 
participation. 

The seven-year-old Work 
Research Unit fWRU) is one 
area where tripartism thrives, 
in spite of the frosty relations 
between government and 
unions. It is overseen by the 
Tripartite Steering Group on 
Job Satisfaction, and 


Insists that both trade union 
and employers' representatives 
on it offer enthusiastic support 
for the unit's work. 

The work consists of: provid- 
ing information; publishing 
papers; organising conferences; 
monitoring “ good practice;” 
and providing practical help 
and advice to managers, trade 
unionists and organisations. It 
has IS professional officers and 
a back-up of professional staff. 

When the unit assists a com- 
pany, it is rarely prescriptive. 
Unlike a. management con- 
sultancy, it will point to options 
rather than propose firm solu- 
tions. Its services are free. 

The WRITs origins lie in the 
early 1970s, when, some British 


companies were experimenting 
ir hoi 


with American or home-grown 
ideas which went under titles 
like “job enrichment” or the 
“ socio-technical approach." 
Against a background of inter- 
national developments, pressure 
grew for government action. 
The Tripartite Steering Group 
was set up in 1973, and the 
WRU a year later. 

Its early thrust was in re- 
search, particularly into the 
methods by which principles of 
work structure and organisation 
might be put into practice. Many 
eyes, not just the WRITs, were 
on company developments in 
the 1960s and early 1970s. 
Examples included: 

0 Shell UK’s establishment of 
teams of workers with inter- 


changeable skills at its Tees 
port refinery- Their job satis- 
faction was' high, and the 
success of their broad training 
mad e them choice recruits for 
in-company promotion and jobs 
overseas. 

0 I Cl’s experiment with giving 
greater discretion to a group of 
sales representatives, allowing 
them to decide when to visit 
customers, or whether to pass 
on information. to their 
superiors; allowing them to 
make immediate settlements of 
up to £100 in cases of customer 
complaint; and giving them a 
discretionary range of about 10 
per cent on prices. Their sales 
rose 1S.6 per cent over the same 
period the previous year, com- 
pared with a 5 per cent decline 
in those of a control group 
using established, supervised 
methods. 

Around 1979 the unit’s 
emphasis switched to practical 
work, in particular the oppor- 
tunities which greenfield sites 
and the introduction of new 
technology offer for improving 
job design and work organisa- 
tion. This coincided roughly 
with the arrival of Oliver Tynan 
on secondment from his job as 
manager of personnel projects 
and planning at BL, for an 
initial three-year period. 

Now the WRU deals with 
some of the biggest private and 
public sector names. Its argu- 
ment is that workers should 
have varied, coherent, respon- 


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TeL 01-493-1451 


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sible jobs over which they have 
a high degree of controL There 
should be dear consultative 
arrange**”** for ' introducing 
changes by participation. 

The benefits for workers are 
self-evident For employers, 
Tynan argues, the main benefit 
is -that a satisfied worker is a 
co-operative one. Enterprises 
can gain better quality output, 
reduced absenteeism, lower 
staff turnover, and higher 
productivity. 

Both the unit's academic- 
sounding name and its appar- 
ently employee-biased aim to 

improve “the quality of 
working life” put some com- 
panies off. But those who have 
had direct dealings with the 
WRU are generally complimen- 
tary. 

Problems of absenteeism and 
labour turnover were initially 
the most common reasons why 
organisations approached the 
WRU for help. But the introduc- 
tion of new technology has 
overtaken them. 

New technology is a contro- 
versial area, producing great 
fear among workers of losing 
their jobs. But the unit insists 
it rarely comes across 
ineradicable Luddism. 


Failsafe 


The tripartite nature of the 
organisation makes it more 
acceptable to workers. Many 
WRU officers have industrial 
management or research back- 
grounds, but some come from 
the unions. 

’The most common failure we 
encounter is a failure to con- 
sult one group of workers," 
says Oliver Tynan. 

Often, the group not consulted 
is the one which will operate 
the new equipment or systems 
being introduced. “One big 
chemical plant will carry an 
extra man throughout its life 
because it built a failsafe 
system with one valve at the 
top of a distillation column and 
one at the bottom. They have 
to be turned off at once, which 


only a man with ISO foot arms 
could do on his own. That re- 
sulted from failure to consult 
the operators,” Tynan says. 

Sometimes job satisfaction 
can be improved -by a ample 
change in equipment design — 
such as introducing video dis- 
play units with detachable key- 
boards' for staff who need, desk 
space.- At other times it in- 
volves, overhauling a company’s 
entire machinery for . employee 
cxmsultation— although the unit 
tries to avoid mainstream indus- 
trial relations problems. 

Tynan admits to failures. 
Occasionally a major disruption 
such as a pay dispute wrecks 
delicate attempts to improre 
consultation: The most success- 
ful WRU interventions . are 
those which leave an organisa- 
tion better able to belp itself. 

The monitoring programme is 
seen as equally important; en- 
couraging “good practice” by 
publicising examples of it 
North America and Scandin- 
avia still lead the field in dcs-' 
velopments in' the quality of 
working- life, but Tynan Insists 
there is much unsung good 
practice in the UK 

The WRU is wary of concepts 
which have suddenly become 
fashionable in the UK, such as 
Japanese quality circles. “There 
are companies picking up an 
idea and slapping it on. It can 
be dangerous," says Tynan. 
The concept may be useful, but 
he prefers to emphasise ideas 
suited to individual organis- 
ations and which arise from dis- 
cussion between their members.' 

Tynan concedes that a vast 
number of companies hare yet 
to change their ways, and that 
the recession is causing prob- 
lems. “A lot of managers don’t 
consult- But you won’t get the 
efficiency changes you’ve plan- 
ned if you don’t take into ac- 
count the human aspect” 

The impetus • for improve- 
ments in the quality of working 
life is almost always economic 
rather than philanthropic. But 
its result is often the reduction 
of monotony and stress. 


‘Open Business 
School needed’ 


BY ARNOLD KRANSDORFF 


BRITAIN should have an Open 
Business School on the lines of 
the Open University. This 
would enable executives to ob- 
tain a formal business education 
without having to take time off 
from work. 

Such an institution, which 
would provide courses by corre- 
spondence in conjunction with 
television programmes, would 
have to be part-financed by in- 
dustry, but would be a more 
effective -alternative to company 
sponsorship of employees at 
exosting business schools. 

So says the Business ; 
Graduates Association, a profes- 
sional body of around 3,000 indi- 
vidual and corporate members 
formed 14 years ago to help 
raise management standards in 
the UK The suggestion is buried 
in a report* .which discusses 
wfay production management is 
so unsuccessful among many 
British companies. 

The proposal includes a sug- 
gestion that short courses at 
recognised business schools or 
other educational establish- 
ments would be recognised as 
course credits at the Open Busi- 
ness School. 

“ On this scheme, people 
would be selected by their com- 
panies, and entered for the 
whole course, but the timing 
and selection of the components 
of the course would be left to 
be fitted in over, say. a five-year 
period," says the BGA. 

"Though very difficult to* 
implement, this idea would pro- 
vide a better alternative to 
sponsorship by companies for 


one or two-year courses at busi- 
ness schools.” 

The BGA says that sponsor- 
ship has not worked as well as 
was initially hoped, partly be- 
cause the commitment of a 
company to providing the money 
for the course and for living 

expenses "cannot be realistic- 
ally matched by an equal com- 
mitment from the individual to 
make the joint venture worth- 
while for the company after the 
course is finished." 


It adds that toe Open Busi- 
ness School would provide a 
basis for a long-term relation- 
ship between toe company and 
toe individual; toe - company 
would provide the finance in. 
small amounts each year over 
the extended period- • 

Although toe BGA’s sugges- 
tion of an Open Business School 
was made in the context of sug- 
gesting ways of improving the 
calibre of production manage- 
ment, the idea clearly has wider 
relevance. Such an institution 
could cater for a broad range 
of management disciplines. 

The BGA’s suggestion was 
made in the tight of the fact 
that the only forms of higher 
mangement education available 
in toe UK involve either part- 
time or full-time commitments. 


* Successful Production Man- 
agement. available from Busi- 
ness Graduates Association, 
Canberra House , 31S Regent 
Street, London, Wl. Price £4.50 
incl p + p. 


- ' - • r 'i.?’- ;• — •* .• 

Financial Times Monday February.: ; ; ; 1 

-“ /• __ * - * . - • • * - * * 


• EDITED BY CHHIStOFHEB LORENZ - 




As£2iii 








r 

'/ 


Oliver Tynans “a satirfi«I wn rker H a a»-oper?tive one 


Towards U-topia m 


TWO YEARS ago Thorn 
Consumer Electronics, the TV - 
and audio subsidiary of Thom 
E3H, began to see.tight at 
tiie end of toe dam tunnel 
Into winch toe British tele- 
vision industry bad. dis- 
appeared in 1974. 

With toe replacement mar- - . 
ket for colour television sets 
likely to start growing from 
mid-1980, Thorn bad come up 
with its new TX range, which 
It believed could be toe most 
advanced in the - world In 
terms of picture quality and 
its «««aH number of compo- 
nents. 

After a boffin in toe early / 
1970s, Thorn had elosed 
plants against a background 
of a contracting market, over- 
capacity in the UK_ growing 
imports from toe Far East, 
find increasing competition 
with Japanese operators set- 
ting up in Britain. -Now it 
could see a chance of im- 
provement. 

Thom planned to put in 
four new production tines at . 
its Enfield factory in north 
Loudon, which was to make 
toe large-screen TXlO' set. : 
Jim Donovan, then personnel 
manager at the plant and now - 
toe company’s divisional per- 
sonnel manager, recom- 
mended that the advice of ' 
toe Work Research Unit be- 
sought- Donovan was as old. 
acquaintance of Oliver Tynan, 
the WRITs director, and an 
admirer of bis philosophy. ’ ' 

The. problem Donovan fore- 
saw was one of quality, an 


observation with which, the • 
WRU agreed. The-existing : 
linear production lines meant r: 
that assemblers and testers 
were to differed, parts of ; toe 
factory. Although tfce assent- 
biers did, not 'deliberately do - 
bad work, they were'paid by - 
volume and regarded' quality -f 
as the testers’ worry. " There 
was a danger toat we were : 
going to make toe same ' mis- - 
takes again,” says Donovan.. 

After initial reluctance ; 
from . some managers :who 
wanted to get toe. new. lines 
to quickly, Tynan and two col- . 
leagues were invited Jn to 
explain their ideas to manage- C 'i 
meat, supervisors and unions \ 
The idea- 'that . workers - 
should be consulted on ds- 
fusions regarding job organ!- . 
sation was already- •* estab- / J 
lisbed at Enfield: by-means : 
of a monthly - works confer- 1 
enee. , - ^ - • 

The most tangible result of , - 
the unit's Involvement it - > 
Thom was a U-shaped pro- V 
d action line, which resulted 
from discussions with the pro- ' 
duction engineers , It was 
adopted, for the ftwur new'TX : ~* 
lines, wheto its arid was to 
increase awareness of qualify • 
by putting assemblers. ,and 
testers closer together as a 
team. . ; ' : *' 

TberewereinlttiilpTnWeins • „ 

' with toe neW lines, completed 
just over a year ago. The..' 
proximity • of ; the ..two^’--- 
functions 1 meant that fewer- 
supervisors wereneeded, and 
there were job . losses among j- 



«*• 


* them— toe 

: troverslaL'. , ... ^ 

. triparttie h^K life* .th£ ' 

; cannot .avoEu. And: 
was neefiedfor 'some 
teg supervisors. ... r .' . 

But ThbnrTiasimproved tot 
- performance on its'celour W < 
aide, both' on -sales: and on - 
production. Thftr eject rote at : . 
the ^iliest' test stage on: 
•1 TXlfilines atEnfield has. been 
cut h*l£. . r 

. - irfc impossible to quantify 
how much bf 'tKts is a result 
of the U-shape, Better pro- - 
duet~;design?vitd : .. a greater 
1 use of jtoteiatie • inSertioE 




hqen introduced. 
u-L~i*y -.subjemre; , view; is 
,'toat- Wtity i . Substantially 
better 'than it WoaM- have 
l een. if We hadn’t invited Use 
Woi^ .R^searto^ 'Uirit in,” 

1 saysJDeuovah. 

•' : She' benefits 'fmr'wdrfcers.to 
tidr'-ihstonce havururt been 
dramatic. Assemblers make 
a ‘greater contribution to the 
iquatity of the prpdnct, and 
some exchange and goodwill 
rhas- ^ heffii established 
'between toera: and the -testers 
which have been lacking: 

. - But they- must .be seen in 
the context of other-develop- 
ments^ V. Steps . have "been 
' taken to improve, the environ-, 
meat at toe Enfield factory, 
and operators; wflf be 1 ^ven 
increased control over,;' toe 
speed : of itoeir: Work , when 
the four, production lines are 
replaced tods^ear. ■; • . 


U: 

' v' 
"F 
.':i ! 




HARTOGEIN ENERGY UMTTED 

NOTICE TO SBBJl^dlBERS • { : • : 

. ; . "AND : 

' . CLIIFF Ol]L ( AWSj0RAlI^ of ■ 

' Hartogen’s offer of 75 cents per 'sharo.ftH: 30 -millLon shares in^CTuff 
has been extraded until: 5.00 pm on 4tlb Marcb,1982. ^Xhe-.-previous .-v 
offer expiry date was 18th February, 1^2. Hartog^3^gr^ need : \ 
for this extension, but believes it to be iri the best interests df -Cluff . : 
shareholders, for the fallowing reasons: ':H '• ■?'. ; * : •; 

1. To enable all Option Holders who oxerdsed: (^>tions in 'J^ary, If: 

1982 to accept HartOgeitfs offer. Hartogen uiwler^ands tte.puiff -.y 
intends, to invoke its legal right to d^y. toe.aB.otm f _ 

in respect oi Options exercised in January until lst March, l982. - ' : 
This could have pr^ented holders, . of :sii«di- Shares : trom. accepting 
Hartogen’s offer. . ■ f : ;• - f '4 4 

2. To dispel any confusion caused by 4h'e tihanthorised pubfetioti.. ... 
of a notice in the ; Australian Financial Review ^pn Skh. Fetoriiaiy, 
■1982. 

Hartogen considers . that its offer of 75 . cents ■ per". share is ah': . ' 
attractive one and urges Cluff shareholders to :-ec6ep^BRQc^xijg^ oHSmt f. : 
means cash in the hand. CLuff directors have circularised shareholders 
with a valuation that is based on hypothetical^ ^ events"^ ^<k^ur*ing' aiui - ; 
is not reflected in past or present market pilces tor‘ C3uff shares. . ' 

Formal notice of the^ ^ exten^ii 

offer and part a statement is being" d patched to' share and "option. 
holders. Further inf oniiation is available ■ from- . Hartogen- - ;• 
Limited, Hartogen House, 15 Young Street, ^^eyf' 7 l^.^fe' 280b ^ 
(Tel: (02) 27 2121) . -f ; '• v ; ^ .f, V 


H. B. <3artreU 
Company Secretary 






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Fjfiflnofal .Tapes Monday February 15 1982 


THE ARTS 



CoVent Garden 


” j-i V"’* 


by CLEMENT CRISP 



1 ' h 


:><• * , 

■ i-... „■ '*• 

: v* ** 

■ •- h 

• • 

■ *: 

■ ?. 


The performance - of ■ Swim 
Lake on Saturday 1 - evening 
brought Rudolf -Niaeyrr back to 
the Opera House stage after 
an absence of hearty fisc 'years. 
Not that he is a stranger to 
London or to the Wee— the 
anmud Nureyev Festival at the 
Coliseum most recency brought 
us;.a. chance to see. him in the 
-Btastim. Ba31«t*e quaint approxi- 
mation -of . the Petipa/Ivanov 
orifi^uaHbflt Ms lnAlic clearly 
finds Ms presence with oar 
national ' ballet -.in. „ these 
EteosinSan mysteries of special 
fascination.. 

In. matter dE princely bearing 
and dramatic presence Mr 
Nnreyey Was all his admirers 
canid. iririL He bestrides the 
narrow world behind the pros- 
eenxtnn anSb; and makes Ms 

imaginative concept of Siegfried 
as a moody; obsessed princeling 
entirely v, credible:' Siegfried’s 
re -entry Into tbeballroom daring 
the czardas;. grieving for Odette 
and lost. to all else arodhd him , 
-was t hr il lin g in poetic intensity. 
Da the last act be seemed a man 
broken by grief as he knelt and 
implored Odette’s forgiveness', 

Aldwych 


everywhere the reading was 
emotionally apt cogent 

We are also faced with 
the technical account of those 
virtuoso moments which bis 
public still demands of him. Mr 
Nureyev has taught us that be is 
intent on defying time, that at 
. an age when many male dancers 
are carefully husbanding their 
physical skills, his marathons of 
performance r Us extravagance 
and prodigality- of bravura 
effects, are still an essential fact 
of has _ stage. persona. It seems 
that bis every performance is 
a fierce, confrontation with a 
younger self, a battle in which 
he must not only equal, but 
out-do, his own legendary grace. 

This is a disquieting sight, 
especially as all the compensa- 
tions off long experience — 
heightened stage-craft; power of 
projection — are so apparent 
in Ms interpretation when he 
does not fling himself at feats of 
daring which are now brought 
off with perilous energy. Beating 
against the cage of his present 
physical skills, he appears to 
bruise and maltreat has own 
greatness. 


Lesley Cdffler was Odette/ 
Odtte, giving an interpretation 
of ‘complete assurance, the 
dance dear and gentle for the 
swan princess, bright and force- 
ful for the enchantress. It is a 
reading which appeals by its 
very absence of fuss or preten- 
sion; the dance speaks, its tale 
told without unnecessary arti- 
fice, as by a pure, effortless 
English lyric soprano. 

For the rest, the company of 
swans were exemplary in musi- 
cality and unity of style, end 

X thought the first act trio of 
Fiona Chadwick. Deirdre Eyden 
and FhflHp Brooirihead ideally 
matched, dancing happily within 
their powers and deploying an 
undemonstr a tive brawira. The 
divertissements in the ballroom 
were uneven, with the mazurka 
having neither the swing nor 
the electric rhythms and dignity 
of carriage essential to it 

And is there a reason why 
von Bothbart should be bathed 
in a green spot-tight in the lake- 
side scenes? The pantomime 
season is over and this Swan 
Lake needs careful lighting if 
Leslie Hurry’s designs are to 
be respected. 


The Forest 


by B. A. YOUNG 





Architecture 


Guidebook to the future 


by COLIN AMERY 





Laonard Bun 


- -C \- 


- Ostrovsky’s The Forest has 
expanded into- the Aldwych, 
where. they have taken some 
seats out of the . stalls to make 
room for a hanamichl so that 
players- can enter or leave via 
the aide in front of Row J. Bob 
Crowley's sets Look quite suffi- 
ciently lost in the pebble-dash 
desert of the stage, without 
diluting the landscape still 
more. It’s a symptom of the 
excessively high, octaine rating 
of Adrian Noble’s production 
/sponsored by the Stratford 
House Hotel). . 

Life in rich widow Raissa 
Pavlovna's estate in 1871 is 
prophetically Chekhovian, and 
neds a Chekhovian . treatment 
Raissa, busy selling her timber 
to Ivan, a local merchant wants 
to marry her neice Akslusha to 
her snobbish young protege 
Aleksei -Akshisha, she says, is 
a girl rite has picked up oat of 
the streets, and indeed, Janine 
Duvitski makes her sound like 
one, with a -whining cockney 


voice. Mr Cowley has' dressed 
her as if she were pregnant 
and Mr Noble constantly poses 
her to emphasise the look, but 
this isn’t specifically in the 
play. Yet we know she slips out 
at night fo meet Ivan’s son 
Petya, and %s so distressed when 
she is told that she can’t marry 
him that she tries to drown her- 
self. 

- All is solved by the travelling 
actors, Gennady and Arkady, 
making an uninvited arrival 
Gennady is Raissa's nephew, and 
to the accompaniment of much 
extraneous farce he contrives 
that Aksiusha shall marry Petya, 
leaving Raissa to marry young 
Aleksei, in spite of the differ- 
ence in their ages. Then the 
two actors, Alan Howard and 
Richard Pasco, sacrificing their 
chance of touching the old 
woman for money, walk off into 
-the sunset, like a pair of Charlie 
Chaplins. 

With the dramatic key set 
so high by the director, the play 
is an uncomfortable mixture of 
sentiment and low comedy. 'It 


is certainly an interesting and 
often amusing play; but not in 
this style or at this funereal 
pace. Over 31 hours pass at 
a steady andante, whether we 
are watching Akslusha saved 
from drowning, or Aleksei get- 
ting cheap laughs with bis 
braces or falling over a bench. 
At least half an hour could 
come out of the playing time. 
Alan Howard, who plays Gen- 
nady with a romantic tremolo 
and some odd pantomime 
comedy, might get 15 minutes 
out by himself. 

Barbara Leigh-Eunt’s im- 
perious Raissa Is dignified, 
even when she is swindling the 
tradesmen. Paul Whitworth as 
her Aleksei is almost a young 
swell from a du Maurier car- 
toon. At the other end of the 
social spectrum, Petya is very 
humanly played by Allan 
Hendrick, bending double with 
humility before his betters, 
making practical peasant love 
to Akslusha, except once, when 
he Loses self-control and turns 
into Romeo. 


Pendope Keith 


Haymarket 


Hobson’s Choice 

by B. A. YOUNG 


’ umm 


Wigmore Hall 


William Parker 


by DAVID MURRAY 


The International American 
Music Competition is held 
annually, and - -in successive 
years pianists, violinists and 
singers get their chances. 1882 
is a singers’ year again, and 
meanwhile the "1979 winner 
William Parker is fawni ng 
Europe with a programme 
shaped to the Competition pres- 
cription: to display the Ameri- 
can recital repertoire. Though 
described as a baritone, be 
sounded like an assured young 
bass in his opening group on 
Friday, the op 121 Four Serious 
Songs of Brahms — or at least 
a natural bass-baritone. At all 
events the voice is, strikingly 
attractive and- teed produced, in 
whichever direction be chooses 
eventually to take it, and it is 
backed by sturdy intelligence. 

Among the pleasures of Mr 
Parker’s recital was his diction, 
good enough in German and 
excellent in French and English. 
His German was heard not only 


in the Brahms set, nor his 
French only in the one song 
by Fanrt (“N’est-ce pas?” ex- 
tracted a bit uncomfortably 
from La Bonne Chanson ), but 
in American pieces too: two 
pastiche Lfeder by Charles 
Griffes (less taking than similar 
exercises by the young Ives), 
and Samuel Barber’s French- 
Rilke Melodies passogSres. 
There were cheerful songs by 
Copland, Bernstein and Ned 
Rorem, and a whole Rorem 
cycle. War Scenes, which sets 
distressing passages from Walt 
Whitman’s Civil War diaries 
as declamation - with - accom- 
paniment — the music is a 
vanishing quantity. More in- 
teresting were ripely romantic 
songs on Tagore effusions by 
John Aides Carpenter, and two 
spare, nervy Italian “motets” 
after Eugenio Montale by John 
Harbison: . 

Parker was much more than 
equal to aU tMs (as was Ms 
pUmigfr W MM am Huckaby, once 


past the B rahms set, where- be 
wanted sternness). Everything 
he did was an musical 
character, at once judiciously 
planned and presented with a 
fresh, direct a5r. He wiE be in 
great demand: one would love to 
see his Papagerw. Just now, his 
keen musical sense goes further 
than what he can do with words 
—for ail the Ann sincerity he 
brought to the Brahms songs, 
for example, the speaking sense 
of the Biblical texts was not 
sharply conveyed: toe effect of 
the final “ Faith, Hope and 
Charity ” was oady that of an up- 
tempo ftnirih The jmartr off 
colouring Bndtvddnal -words, as 
distinct from acting them, hasn't 
developed as far as it un- 
doubtedly wHL But ^*at Barker 
already has is measurable 
authority, not just promise; toe 
Competition is lucky to boast a 
winner who sets such a stand- 
ard. The American presence at 
the Wigmore, by toe way, was 
ungraciously meagre. 


Triumph . Theatres repertoire 
season at the Haymarket has 
made a promising start. Harold 
Brighouse’s Hobson’s Choice is 
a play that it's hard not to 
enjoy, and has a title that 
everyone knows. The company 
is headed by three players 
likely to draw the pubHc, for 
different reasons. And the pro- 
duction under Ronald Eyre is 
witty and sympathetic. 

The story must be pretty 
familiar (and the fact that the 
play has just been done at 
Hammersmith may have re- 
minded people of its merits). 
Maggie, the eldest daughter of 
the tyrannical, alcoholic Hob- 
son, most fashionable shoe- 
maker in Salford, as written off 
by her father as a marriage 
prospect, so she settles on Willy 
Mossop, a bench-hand in her 
father’s shop. She will marry 
him, educate ham, and make 
him a success. 

The people are most under- 
standingly drawn by Brighouse, 
and ably played in this produc- 
tion. Willy's improvement may 
be thought to take place too 
fast, but the character is 
beautifully played by Trevor 
Peacock. When we first see 
him, he is an awkward, squat 
figure with movements as 
uncontrolled as hi$ speech. In 
the second of three acts he is 
more in control of himself, 
though only with puppet- 
mistress Maggie at the strings. 
Finally we see him actually 
making a decision of has own, 
even influencing his monster 
father-in-law. 

This kind of denri-robort must 
be hard to fill with character, 
yet Mr Peacock does so at once. 
He even has moments of 
subtlety, the little glance that 
gathers in toe audience’s agree- 
ment, for example, when he 
says, “ Let ’im come in ” to the 
knocking of his father-in-law. It 
is a great moment when Hobson, 
coming finally off his high horse, 
concedes ‘Til go and get me ’at” 


to call on the lawyer and draw 
up terms for Mossop and 
Hobson. 

Maggie, as played by Penelope 
Keith, is Miss Keith’s familiar 
-character lightly disguised as 
Lancashire working-class. The 
casting is daring but successful; 
no one can do better than Miss 
Keith at imposing her will on 
others, and if her Lancashire 
vowels are not exactly what you 
would hear in Salford, this 
hardly matters. Under a wig 
that takes her back to the end of 
the last century, she towers over 
the Hobsons and their friends 
like a secretary-bird. 

Hobson himself is played by 
Anthony Quayle with a real hint 
of break-up right from the start 
Selfish and arrogant he may be, 
but he is raw material for an 
alcoholic crisis with his high 
colour, his untidy hair and his 
thoughtless bullying; when the 
trouble comes, be mikes pride 
and pathos skilfully in his duel 
with Dr MacFarlane (John 
Grieve). 

Kenneth Melloris sets are all 
a little too comfortable, no doubt 
because of the size of the stage, 
but the atmosphere is right. The 
run goes on until March 20, after 
which there will be a new play 
by Ronald Millar; but Hobson’s 
Choice will come back for a 
further run in April, in May and 
in July. It is well worth a visit 
I wish people wrote plays like 
this now. 

UK musi cians compete 
in New York 

Three British musicians have 
been selected to try for the 
second Concert Artists Guild — 
Amcon Award in New York on 
April 28. They are pianist 
Barry Douglas, aged 21 from 
Belfast, Glyn Davenport bass- 
baritone from Woking, aged 33 
and Michael Collins, 19-year- 
old clarinettist from Feltham, 
Middlesex. 11 


One question bothering all 
architects and critics and those 
who teach the architects of 
the futnre is what happens 
after modern architecture. 
“ Modern architecture " is 
usually understood to mean 
the kind of doctrinaire style 
of building that was taught in 
the early years of the century 
with as emphasis' on the rejec- 
tion of the past Movements 
come and go in all the arts. 

At this moment the rep- 
resentational is returning to 
painting after long years of 
dominance by the abstract In 
dance there is a tremendous 
revival of interest in the classi- 
cal tradition. In architecture 
we are dearly on the brink of 
a new battle of styles. It is not 
a question of modern versus 
traditional but more a question 
of style versos non-style. The 
pioneers of the Bauhaus- 
inspired Modern Movement 
were determined that “modern” 
architecture should not be- 
come just another style. They 
wanted to promote something 
that was always new, always in 
toe. forefront of progress and 
never, never associated -with 
toe past 

There is one critic and 
writer who has bravely broken 
the stranglehold of the modem 
pioneers by placing modem 
architecture in its rightful 
place as a movement that is 
only one of many contemporary 
streams of architectural 
thought. His name is Charles 
Jencks. an American who has 
studied, taught, and lived in 
England for many years. One 
of his earliest books The 
Language of Post-Modern 
Architecture (Academy Edi- 
tions, 1978) established not 
just the death of modernism 


but a name for its successor. 

Charles Jencks's gift is to 
identify and classify a series of 
types of current . architecture 
that have bees, trying to create 
a richer language for tiie built 
world. The language he refers 
to is one that allows architec- 
ture once again to have a meta- 
phorical end symbolic content 
Jencks is one of the few people 
who has -looked consistently at 
toe buildings of toe test -ten 
years, photographed toean and 
tried to classify them into a post- 
modern framework. 

With Ins interest in classifi- 
cation and Identity it is not sur- 
prising that in his latest book 
Jencks' has explored the pheno- 
menon of the classical in con- 
temporary architecture. He hi 
right to talk about the classical 
revival and equally sight to see 
It os hot a movement that can 
be easily confined. - 

Id this book, just published, 
Free Style Classicism (An 
Architectural Design Profile, 
Academy Editions, £7.50), 
Jencks presents a marvellously 
stimulating survey of toe work 
of some 20 contemporary archi- 
tects who are engaged in 
designing post-modem buildings 
that contain some elements of 
classicism. In bis opening essay 
Jencks acknowledges toe diffi- 
culty of defining the taints 

In fact he gives a very provo- 
cative account of toe new 
classicism because he attempts 
to extend the traditional defini- 
tions of toe classical style itself. 

One of the key sources of the 
new architecture is the work of 
Karl Freldrieh Schinkel (1781- 
1841), the greatest German Neo- 
Classical architect of the 19th 
century. His buildings and ids 
drawings are relevant today 
because they show clearly how 


be drew an toe mental stare* 
house of imogezy.from the past 
and developed a new architec- 
ture. • 

The presence of ScMnteeiE to 
tins book does have toe effect 
of revealing the povety of 
mndt of toe new, socafled 
classics) architecture flsat is 
being seen in Germany sssl 
America. An example in France 
is the Palace of. Abraxas at 
Marne La Valtee, by Ricardo 
Bofill — a giant, rusticated 19- 
storey housing scheme. It is 
detailed with huge pilasters and 
pediments. It is concrete, when 
it Is complete will we think of 
it as a modem Versailles? Is 
big necessarily made beautiful 
by the addition of classical 
details? ■ 

The work of architects like 
Robert Stem in. America and 
Jim Stirling in Engand and 
Robert Krier in Germany ail 
foHow some of the traditional! 
values, like symmetry and 
orderly planning, but they are 
also hybrid architects. They 
pick and choose random details 
to enliven what would otherwise 
be somewhat ordinary builcfings. 

In this book the examples of 
toe new architecture are not too 
heartening but it is early days. 
Jencks 'has done architecture 
a service by acting as a tend of 
monitor to contemporary build- 
ings. Te tidies them into groups 
and labels and gives them 
critical validity. The fact that he 
often does this before the build- 
ings have had time to settle 
into any kind of cultural tradi- 
tion does mean there will have 
to be a post-Jencks movement to 
keep the whole business going. 
For the present it is hard to 
live without Charles Jencks who 
gives us the sgn posts, even if 
we are not too sure where .we 
are going. 


Elizabeth Hall 


Dmitri Alexeev 


In the six and a half years 
since he won first prize at the 
Leeds International Competi- 
tion, toe Russian pianist Dmitri 
Alexeev has not taken any of 
the usual -routes to instant, 
ephemeral success. After the 
first flush of competition 
engagements, he has played in 
public relatively little and made 
no more than a handful of 
records, concentrating instead 
on refining his technique and 
enlarging Ms. repertoire. This 
restraint may not thus far have 
paid off in terms of box-office 
receipts, but it has paid off 
handsomely in terms of artistic 
integrity. It was Ironical, but 
somehow also poetically Just 
that Alexeev’s recital on Friday 
evening, which should be num- 
bered among the half dozen 
most exciting piano recitals 
which Londoners are likely to 
hear this year, was played to a 
hall barely tw-thirds fuH. R 
cannot be long now, all toe 
same, before the public realises 
it is missing out on the early 
career of one of the outstanding 
pianists of the postwar genera- 
tion. 

It was toe kind of recital 
which revives confidence, 
triumphantly, in pianos and 
pianists — and toe. tend, highest 
compliment, which ' sends 
pianists themselves racing bade 
home, exhilarated, to toefir 
instrument. It was not a- ques- 
tion of “ perfection.” Alexeev is 
in many ways an exceedingly 
quirky end idiosyncratic 
musician, and there is always 
something arguable, and per- 
haps imperfect, to be found in 


Ms Inter pr etations. But he 
delivered his programme from 
flint to tot with such exuber- 
ance and mastery, as well as 
such warmth and openness of 
heart, that all such passing 
reservations were - easily swept 
aside. 

The range of toe playing was 
remarkable. Heaven-storming 
grand-romantic impetus, much 
in 'evidence, was only part. of 
toe story. A pianist of lesser 
physique might 'have played 
himself out .on toe very first 
piece erf Alexeev's programme. 
Liszt’s huge set of Variations on 
Bach’s “Weinen, klagen ” can- 
tata; but a pianist of lesser 
pi artistic powers could never 
have discovered so effectively 
directly ‘afterwards the magic, 
supple and delicate, of Liszt’s 
little second Elegie (an etude in 
sustaxnmg-ped al colouration) , 
the late, virtually atonal Nuages 
ffris, and toe tiny Venezia and 
Devotion, tributes respectively 
to Wagner and Benin i, played 
together as a single group- Just 
once perhaps, a surfeit of glitter- 
ing bravura — in the huge final 
climax of toe Mepbisto Waltz 
no. 1, where bass octaves burst 
tutta forza like hand-grenades, 
which calls for at least some 
recognition of an allargando, but 
which Alexeev tore through, 
without relaxing his tempo for 
an instant, tike a hurricane. 

For his second half, after an 
urgent, excitable reading of the 
Polonaise - Fantaisie which 
partly missed, but more than 
half caught, toe world-weariness 
and yearning of Chopin’s last 
and most enigmatic major 
piano work, Alexeev introduced 


another group of pieces— this 
time by Skryabin, as a single 
sequence— ^including five Pre- 
ludes, the lushly intimate Valse 
in A fiat, and an eletrifying 
account, etched in crystal, of 
the fourth sonata. Four encores 
capped the evening: a pair of 
Chopin mazurkas, and two 
Preludes by Rakhmaninov, 
gloriously jubilant, touched by 
an authentic shadow of 
melancholy. 

DOMINIC GflJL 


Across toe way at the Festival 
Hall the same evening, the con- 
ductor of 'the Lille Philhar- 
monic, Jean-Claude Casadesos, 
•made his South Bank debut with 
the English Chamber Orchestra; 
accounts of Haydn’s “La Poule” 
and toe Bizet symphonies were 
lively, ' not without character, 
but rather scrappy. What one 
will remember about the con- 
cert, though, is the singing of 
Jessye Norman; for this was one 
of those occasions when toe 
glorious voice filled the hall, 
and flooded toe senses with its 
every utterance. Nothing self- 
regarding about the way Miss 
Norman sang Haydn’s Seem di 
Berenice (admirable that so 
richly, romantically tinted an 
Instrument can maintain such 
dasical restraint and clarity of 
expression) and the Wood- 
Dove’s great lament (in the 
chamber orchestra reduction) 
from Gurrelieder: the interpre- 
tations were controlled, exactly 
directed. But heavens, _ what 
beauty of sound! 

MAX LOP PERT 


AMBABWnOM. MS 1 171. GW tales 
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PENELOPE KEITH, ANTHONY QUAYLE. 
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VAUDEVILLE. CC 01-836 95 8B. Eve* 
8. Wed mate 2*45. ! Sat 5 A B MroOH 
JACKSON In AGATHA CHRISTIE'S 
CARDS ON THE TABU. 


ACROSS 

1 Downright sinister blow (8, 
4) 

10 Boring top sound on one 
cylinder (7) 

11 Cast a divine pressman in 
toe air (5,2) 

12 Hie Spanish boy meets girl 

< 5 > 

13 Tribe has to go to ancient 
city racket (8) 

15 Steps taken by refugees 
from 2D ('4, 6)’ 

16 Thought of fabric (4)' 

18 Un p redictable golf event (4) 

20 Criminal bringing up fever 
(4,6) 

22 Cheek everybody etee has 
shower (8) 

24 Stupid outside right in order 
for money (5) 

26 Dance for minor operators 
(7) 

27 A prohibition oh fellow in 
ditch (7) 

28 last moment of almost toe 
longest strike (8, 4). 


2 Acrobat that can hold his 

3 A right variety daughter t2 (j 

4 ttjtoBMup when it comes " — 1 wr — 

5 Leaves ratter for old sailing . B j j 

6 Cockney part of north Lon- RH H| 

don^found in tins position 

7 Creature fated to croak T ~Vr~WyhB~*g 

8 Measu^cf toe Yard’s con- 22J_ j j | j j 

9 Literary work of medium pIB r^ i Bll 

14 Not finished writing to child- — — U. I I B 

ren about extra shares (5, 5) , H H ~ 

17 Terms that can’t T» credited — | 

19 Distinctive nature of church' . , 

in German town (7). 23 About the first woman -to be 


hTGttnm town (7) 23 "W . fte woman -to be The solution to last Saturday’s 

„ . ' . a magistrate of old (5) prize puzzle will be pubhshed 

£i jrnson abroad converted into 2» little officer internationally with names of winners yipyt 
a sun pad ,(7). honoured ye.bear (4) Saturday. 













•Financial Times MorH^ Fetoaiy ^ ^ 



BRACKEN HOUSE,! CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fmantimo, London PS4.Tefex: 8954871 
Telephone: 01-2488000 ■ 


Monday February 15 1982 


Hard choices 


in Brussels 


THE European Commission's 
farm price proposals, which go 
before the agriculture ministers 
today, represent a small step in 
toe direction of trying to get a 
grip on the costs of surplus pro- 
duction in the Community. But 
against the background of the 
tow brewing over Britain's 
budgetary contributions, it is 
too small a step to have any 
significant effect on the costs of 
common agricultural policy for 
many years, and bids fair to 
make that row much worse. 


Os cereals the Commission 
has been a mite bolder, with a 
proposal that the support price 
should be trimmed by 1 per 
cent for every 1m tons that out- 
put exceeds a target level of 
119.5m tons. 


Cowardice 


The Commission’s general 
ideas for reforming the common 
agricultural policy, published 
last summer, were long on 
genera] aspirations but short on 
specifics. Now that its ideas 
have been given concrete form 
an this year’s price proposals, it 
is dear that cowardice and con- 
servatism have prevailed as 
usual. 


Agitating 


At a general level of 9 per 
cent for most products, the 
price-increase element in the 
package is by -itself not all that 
unreasonable. In recent years, 
farm prices have failed to keep 
up with inflation, with the re- 
sult that farm incomes have 
been Sailing in real terms- Even 
though 9 per cent would be the 
biggest increase for some time, 
it would still be below the 
average level of inflation fore- 
cast for this year in the Com- 
munity. 

The trouble is that 9 per cent 
5s only the starting point for the 
negotiations. The farming lob- 
bies are nutating for a much 
higher figure, and it is a fair 
bet that bargaining in the Coun- 
cil of Ministers will add 
several points to the Commis- 
sion's figure. 

Moreover, the parallel pro- 
posals for getting to grips with 
the Community’s structural sur- 
pluses are exceedingly limp. 
Milk production is already about 
20 per cent larger than con- 
sumption, and productivity is in- 
creasing aJl the time; disposal 
of the surplus accounts for about 
30 per cent of the farm budget, 
and the imposition of the so- 
called “co-responsibility levy” 
— a 2.5 per cent tax — has 
entirely failed to deal with the 
problem of overproduction. Yet 
the Commission can do no more 
than offer to make proposals to 
offset the additional costs if out- 
put goes more than 0.5 per cent 
above last year’s levels. On its 
own calculations, the Commis- 
sion already expects output to 
rise 1.5 per cent this year. 


In general it predicts that 
farm spending should grow 
more slowly than the Com- 
munity’s potential income, 
though -the Community has no 
mechanism for ensuring that 
this will happen. But even if its 
prediction should prove correct, 
it is clear that the shift of 
wasted resources out of agri- 
culture into more productive 
channels would not merely be 
an extremely slow, but also a 
wholly uncertain process. 

To criticise the Commission 
for cowardice is not to imply 
that a more courageous 
approach would be easy, let 
alone that it would be painless. 
In conditions of high unemoloy- 
ment and high inflation, falling 
farm incomes, productivity and 
output rising to self-sufficiency 
and beyond, near static consump- 
tion. there is. no soft option for 
squaring the circle, so long as 
the rules of the farm policy 
remain the same. 

The French reaction to the 
unsquarable circle underlines 
the flaws in the policy: they 
break the rules quite flagrantly, 
by giving subsidies to their far- 
mere or by keeping out Italian 
wine: yet they proclaim the 
inviolability of the rules when 
these rules require the British 
and German taxpayers to sub- 
sidise the disposal of unsaleable 
French surpluses. 


Reform 

They really cannot have it 
both ways. The budgetary dis- 
equilibrium which works _ to 
Britain’s disadvantage is not just 
a bit of bad luck : it is an un- 
avoidable symptom of the fail- 
ings of the common agricultural 

policy. If the surplus-producing 

countries decide that a reform 
of the policy is politically too 
difficult, and that there is no 
alternative to the production of 
unwanted surpluses, then they 
should pay for that decision. 
This means a substantial com- 
pensatory mechanism on the 
budget not just for four or 
five years, but until they change 
their minds on reform. If they 
were to deride to tackle reform 
seriously. a shorter-term 
arrangement would start to look 
more reasonable. 


Transport policy 
off the rails 


A COMMODITY TEST CASE 


The battle for the tin 



By John Edwards, Commodities Editor 


NEARLY two months have 
elapsed since the Law Lords 
handed down their view that the 
level of subsidy being provided 
to London Transport by rate- 
payers through the Greater 
London Council was illegal. The 
fact that the judgment was 
an unsatisfactory interpretation 
of an ineptly drafted piece 
of legislation — the Transport 
(London) Act i960 — is irrele- 
vant The Law Lords are the 
final arbiters of our statutes. 
Their judgment at least under- 
lined the fact that new legisla- 
tion is needed to sort out the 
tangle of puttie urban, transport 
policy. 


through a Passenger Transport 
Authority, preferably elected 
and probably covering not only 
London but also the capital's 
suburban catchment areas to 
integrate British RaH, bus and 
Tube services and fares struc- 
tures. This might dear the way 
for the eventual abolition of 
the GLC itself. 


Dustbin 


Dreams 


So far only three results have 
ensued: London Transport fares 
will be doubled on March 21; 
Greater London Council rate 
bills will be doubled in April: 
and Mr David Howell, Transport 
Secretary, is still trying to score 
political points against the GLC 
rather than proposing any 
sensible reform. 


Urban transport systems 
which break even or make 
profits are the stuff of dreams. 
City after city around the world 
has found that modern and 
reliable train and bus systems 
on winch commuters are pre- 
pared to travel require subsidy. 
Even after the GLC’s cheap 
fares scheme was launched, 
London Transport had a lower 
level of subsidy than any other 
public transport network in a 
Western capital city. 


The problem is not confined 
to London. In the wake of the 
Lords judgment and the 
Government’s failure to respond 
to it, other transport authorities 
are abandoning their cheap 
fares policies'— some of them 
longstanding and laudably suc- 
cessful in keeping people out of 
cars. These councils are operat- 
ing under the Transport Act 
1968 which is representative in 
its mediocrity of much 1960s 
legislation and. could suitably 
follow the 1969 London Act into 
the dnstbin and here again the 
Government is thinking of 
abolishing the relevant authori- 
ties. 

Urban transport policy, there- 
fore urgently needs redrafting; 
but Mr Howell is showing no 
signs either of acting or even 
of beginning to comprehend 
the stale of the problem. Nor 
is bis record outside the cities 
any more impressive. '• 


Crumbling 


Straggle 


Now fares are to increase 
sharply, services will be re- 
duced, fewer buses will struggle 
through more and more private 
car congestion. This would be 
bad enough if a modern road 
system were taking the strain; 
it becomes a nightmare on the 
mixture of lanes and bottle- 
necks which is London. Any 
solution will involve subsidy, 
Sir Peter Masefield, London 
Transport chairman, advocates 
a £1 of subsidy (instead of 25p) 
for every £X of revenue and 
proposes that control- of the 
system should be shifted from 
the GLC to the Transport De- 
partment. 

Our view remains that a 
wider approach is needed 


Britain, in 1982, still has no 
motorway from London to 
Dover, no motorway linkage to 
the east coast ports, no motor- 
way box around London 
(although we have the extra- 
ordinary north and south 
circulars^ one run by the GLC, 
the other by the Transport De- 
partment, which are now no 
more than a string of suburban 
settlements linked by traffic 
jams). 

The (mainly incomplete) 
motorways we do have are 
crumbling. Twentieth century 
lorries crunch along our 19th 
century shire roads which are 
developing potholes to rival 
New York's as capital spending 
continues to falL Railway policy 
is in abeyance. The list of 
top-priority work demanding 
attention and legislation from 
Mr Howell is becoming critic- 
ally long. 


H IGH STAKES are In- 
volved in the current 
battle being waged in the 
world tin market. On a financial 
level, an estimated £350m has 
already been spent in pushing 
tin prices to a record level 
during a period of industrial 
recession. So a large amount 
of money is at risk. 

But other, more far-reaching, 
issups are also involved: 

• tbe possible emergence of a 
tin producers’ cartel (dubbed 
Tinpec) that might set the 
pattern for other commodity 
cartels; 

• a confrontation that could 
lead to the demise of the oldest 
surviving inter-govemmental 
commodity pact, the Inter- 
national Tin Agreement: 

• the breakdown of mores to 
stabilise commodity prices, by 
agreements between producing 
and consuming countries. This 
would jeopardise what remains 
of tbe North-South dialogue 
between the Third World and 
industrialised nations; 

• disruption of the tin. and 
possibly other metal, markets 
with long-term consequence for 
the production and cost of tin- 
plate. food and beverage cans. 
If tbe present price levels are 
sustained many companies may 
well deride they can cut tin 
usage dramatically. 

The root of the crisis, which 
is now reaching its head, is 
that the world tin market has 
been manipulated since last 
July by an unidentified buying 
group. This group has bought 
up all tbe world's surplus tin 
and is holding these supplies 
off the market As a result the 
shortage of tin is an artificial 
one. 

This distortion is threatening 
the whole structure of the 
world’s tin markets, and in par- 
ticular the London Metal Ex- 
change which provides the only 
futures market for tin. 

Faced with a dangerous situ- 
ation that could still lead to a 
suspension of trading, the Lon- 
don Metal Exchange finally de- 
rided earlier this month to act 
It set a limit on the premium 
sellers could be forced to pay 
to meet their commitments, by 
imposing a maximum premium 
of £120 a tonne that can be 
charged for cash tin for delivery 
the following day. 

An inquiry by the Metal 
Exchange into the positions held 
by member companies dealing 
in tin, revealed a distinct 
danger that sellers, who had 
contracted to deliver tin on 
various dates in February, 
(especially on the 25tb and 
26th) might only be able to get 
the tin required to honour these 
contracts from the mysterious 
buying group which holds the 
bulk of world supplies. The 
group could, therefore, be in a 
position to charge whatever 
premiums it might demand for 
supplying the sellers’ needs. 

As Rowntrees, the British 
confectionery group, discovered 
when it lost £32m in the cocoa 
futures market in the early 70s. 
the sky is the limit that can be 
charged to those unfortunate 
enough to be “short” (that as, 
having to meet delivery com- 
mitments pledged to be hon- 
oured on a particular date). 

In the case of the Metal 
Exchange, trading is on a daily 



- on «c astern, •' 

r byexport quotas^ ,;■> - ->-l 

' . &- is commonly; b^feved Qnt- ' . 

■ k- v^. lhe c<HKnHn^- «e&saI 
to gam a priceraage increase — 
•last July '^at/ Jed. j"--- 

mationaFthe baying group that V-. 
has dcaSHiiated 3 

..since, v 


. Malaysia,. ; ; ' 

: s - 

- ‘ the graij^r. -idefiffly; 

sfow to’ dexy its involvement 
Aiaff its/strong protes&a^inst -I' 
the extension of the stockpile 

- sales, and tbeltet&if Exchange 
trading curb, -- prom# 
c5raxmsfnn&a3' evid ence t hat it' 

■' nay be behind toegHnSpiri V -*; 

/ - So doe& :4he- -Malaysian .an- 
. nouncemeiEt that at is holding 
talks with, otoer-tm . esporfeteff 
■' countries. If tids devdops into 
-a .form, of proddeer cartel,.. -it 


■Will provide &msuOTer<%HU*tries ■ ^ 
'such-- as- ’yriat-:Geanaxff and 


Britain- ^already 
join the ,p| 


L to;- 


Brmn^-Jtadovjc- 


basis for up to three months 
ahead. The market has to be 
“square,” sales matching pur- 
chases at the end of each day. 
But when supplies are either in 
surplus or shortage, adjust- 
ments are made by carrying 
over sale or purchase commit- 
ment to a later date. In some . 
cases this does involve the pay- 
ment of premiums. 

In recent weeks, because the 
buying group holds most of the 
available supplies, these pre- 
miums bave increased to large 
sums per tonne. As a result the 
cash price has moved to a sub- 
stantial premium over the 
price paid for tin to be deli- 
vered in three months time. 

Ibis is fair enough when 
there is a shortage. But Inter- 
national Tin Council estimates 
suggest that world production 
of about 200,000 tonnes exceeded 
demand in 1981 by at least 

20.000 tonnes, and it is ealeu-' 
lated that current surplus stocks 
available, and held by the 
group, are between 40.000 to 

50.000 tonnes. 

Holdings in the Metal Ex- 
change warehouses in Europe 
and Britain are at a near record 
level of over 20,000 tonnes and 
it is commonly believed there 
are another 10.000 tonnes of 
undeclared stocks in Europe, 
not to mention big holdings in 
Malaysia, other producing coun- 
tries and the U.S. 

Beyond these the U.S. 
strategic stockpile is offering 
for sale over a three-year period 
some 30,000 tonnes of surplus 
tin, of which only about 8,500 
tonnes have been disposed of 
so Far. 

Sellers of tin argue therefore 
that the current market situa- 
tion is totally unrealistic and 
are assembling a case for de- 
faulting on their contracts. 
These include not only specu- 
lators, who committed them- 
selves to deliver tin they did 
not possess at some forward 
date, but also genuine trade 
companies which rely on ship- 
ments of tin arriving on a 
specific date. In the past any 
shipping delays have normally 


been easily enough dealt with 
by the payment of a small 
premium. 

Even more alarming for the 
Metal Exchange was the pros- 
pect that sellers would simply 
not be able to meet their com- 
mitments, which would under- 
mine, the basic structure of the 
market A compromise was 
agreed to limi t the size of the. 
daily premiums that could be 
charged for cash tin, but this 
did. nothing to affect .market 
prices themselves and in fact 
the cash price rose substan- 
tially. Many sellers preferred to 
buy cash tin at a higher level 
rather than face paying a pre- 
mium of £120 each day over a 
period of time. 

But the IiME decision was 
strongly attacked by Dr 
Mahathir Mohamed. Prime 
Minister of Malaysia, the world's 
largest tin producer. Drawing 
a comparison with the London 
Stock Exchange’s move to 
change the rules after the 
Malaysian take-over of Guthrie’s 
in a “ dawn raid,” Dr Mahathir 
complained: “They [the Metal 
Exchange] provide assistance to 
speculators when the price 
rises, but do not help producers 
when it faHs.” 


There is an element of truth 
in this accusation. The very 
nature of the market 
mechanism means that it is 
more vulnerable to being 
starved of supplies (normally 
during a period of shortage) 
than of money during a period 
of surplus. 

But charges from Malaysia 
that speculators are being given 
free rein to reduce already 
depressed tin prices are dis- 
missed by traders as absurd. 
Tbe fact is that prices are' at 
a record level at a -time when 
demand, hit by the industrial 
recession, is at a low ebb and 
there is a massive, and growing, 
surplus of supplies. 

A comparison with the per- 
formance of other metals under- 
lines this point They are virtu- 
ally all at very depressed prices 
because of poor demand. It Is 
acknowledged that costs of tin 
production, as well as other 
metals, have risen steeply in 
recent years. But that has little 
to do with tiie price consumers 
are prepared to pay in a 
competitive market 

Malaysia has admitted that it 
is talking with other leading 
tin exporting countries— Indo- 
nesia. Thailand and Bolivia^ 


about ways of protecting pro- 
ducers’ interests. ' 

In the _ .meantime - . it has 
declared Us intention to- ; cut 
back production otper’toe next 
few years whatever the view 
taken by -others’, producers. 

. Inevitably tins is seen as the 
first step towards the formation 
of a cartel— four . countries 
(three of which are geographic- 
ally and politically Close) con- 
trol well over "80- -per .cent of 
world production.;’. .v 
Although thex& is nearly a 
year’s supply , of tin in the ILS. 
strategic stockpile, at present 
only 80,000 tonnes: have been 
approved .by. Congress for sale 
- dazing the . three-year, period 
from July 2980 onwards. And at 
seems unlikely that the U.S. 
would be prepared' to- use ito 
stockpile to smash a cartel 
formed by influential, countries 
in the Far East* . - ■’ . r' 


Agree mart,- ideal > . 

cuse for “staying '-tfftLt. 

The c&ssfc iafortrer to : a pxb*t: - 
dueats’ carfeft market * - ‘ 

-«• corner— JWjr • i: c o n aa p ie»»i?i-i 

• erther to eot back ur'-stopusmjf: . ■ 
the commodity .concerned, In^.;- 
•toe cases of ttefaate already.* 


happening. Th e jnafej qge of tin-y. 


Malaysia, the world’s 
largest tin producer, has 
reacted angrily to the 
move by the London 
Metal Exchange to try to 
slow down the rise in the 
cash price of tin. “They 
(the Metal Exchange) 
provide assistance to 
speculators when the 
price rises, but dp not 
help producers when it . 
falls,” says Dr Mahathir 
Mohamed, the Prime . 
Minister (right). 



Sales from the stockpile were 
going very skrwly until Decem- 
ber. when it was decided - to 
allow purchases by foreign, as. 
well as domestic O-S. buyers. 
Since- then an extra 5,000 tonnes 
have been sold- bringing total 
disposals to over 8.5QQ tonnes^ 
since; July 1980/ 

This relativ^ in^^' mdve 
to stimulate stockpile soles was 
enough-’ to bring- _i- ■storm' «£'- 
protest from: producing coun- 
tries, led by Malaysia and 
Bolivia,’ which : have always 
argued that stockpile sales ‘by , 
the U-S. ‘ breached fhe /spirif.if - 
npt the terms o£ the - Fifth 
InterflatiohM Tin Agreement, 
which the U.S. joined 'for the 
first tone fiveyearaago.; ■ 
After; some deH berati bathe - 
U.S. has in any case -derided* 
not to join the next (Sixth) Tin 
Agreement, due to come into ' 
force in June when the present - , 
pact expires. UA membership 
of the Agreement has 'not been 
a happy experiencestece -it lias 
normally been in. the forefront •’ 
of resisting producer* demands 
for a rise in the Agreement’s' 
“flour” and “ceiling” - ; prfoe 
levels that are .defended - by a 


-ij.-jn the 'm anuf act u re of tte-j 
’ plate,; winch < nowiftfays' has ' a;; 
• coating ; off ; 1Sn ; . equal . to about *■ 
0.5 percent of the totol -weight . : 
of tiie prod accounting V 
for around; 10 prar/ceufc'uf the 
.tost . -jv : ‘?’f 

.■Tinplate has for many -yeas 
feted; fierce coiqp^it Sta .from 
other materials. .= ranging from 1 
; aluminium in beverage cans, to j 
stateless steel, ptestfcs and 
glass. :, QverT ; the' "years . the 
amount of tfa. used has been 
considerably reduced;- and work 
isgoingon to^reduce it still far- 
ther to some 0 J. per cent:in tte: 
light steel or Substitute St en- 
. tiraly by chrome or nickel coat- 
ings irt what is . called tihrfree , 
StoeL' ’ • " “■ •• 1: -+ir 

lit solder — another big out- 
lef for tin— the percentage 6* 
-tin used -in -, somot cases -has 
dropped 38 per cent tin 
to 62 peiv ^ceut - lead, to a mere 




r?r 


2s 


t-v 


• 2/ per- cent . tin_ -The - .reiflace* 7 - ^ 
Tuent of soldering m-can^nak - : < — 


ihg, by welding or-^Vtrttwinfc” ■!. \ _ 

discourages tiie ds& M tinplate, • • 

which providds a; good bond ---- - 

solders. ■: ( ,v>, , 

' Tinplate accounts for- nearly .- • ’, 

Half- of total tin coqsuinptioto ... 
and there ls~ ho dduht thatTiigh : . * 

prices - wfll . discourage other 

uses, of tin: as welL ' ’ - *• ;f;r. 

Past experience has shown ■ 
that it is intobssftle to distort .;, 
market prices ;fbr too long: It 
seems fifty clear toat- the sup-, - 
port buying operation is: too . 
big, and has been, sustained for ' ; 
tootong, in€ttt^y to , be a Jpecola^ ' ' 
tire execdBBfc. Producers’ ' back-i, 
teg; means that It can probably ; J" 
be; kept; gmng for sonm ' time . : 

prospers . fori forming ar CarteL [ ' ■/■ 

/But the ebmequenees could - 
be serious. InterhationaFtxadteg m \ ■ : 

■ra.tte, and its .use in tadustiy,'- 
is Hk^y tp be seriously "affected. > 

At the smae.time the. Third > 

World wiU view the strode for v 
rontrol oF tiife tori market as a ' ; ' 
test 7 case for ’its aspiratiems for -C 
a new deal ih xsmwnbdlty trad- . 
ihg.. •* ■* s:. ‘ ; 






Men & Matters 


Party manners 


What a round of party-going 
now stretches before the ladies 
with ambitions to represent the 
Social Democrats in the 
Commons. 

Amid Saturday’s scenes of 
confusion in Kensington, the 
SDP conference voted narrowly 
in favour of including a mini- 
mum -number of women on the 
short lists from which local 
parties select their parliament- 
ary candidates. 

According to the current guide- 
lines, toe number wanted Is two. 
Since only 160 women have their 
names on toe Cowley Street 
books and the SDP will be fight- 
ing around 300 seats, each one 
will have to whirl round at least 
four selection conferences. 

But it became clear during 
the weekend that the SDP 
leaders expect a certain stan- 
dard of behaviour in return for 
this positive discrimination in 
favour of the women on the 
party circuit. 

Up in Richmond, local SDP 
members led by teacher 


Geraldine Evans have been 
muttering that they might fight 
toe seat independently if the 
Alliance tries to foist a Liberal 
candidate on them. 

Such rebellious talk has 
caused a flutter among tbe 
sensitive souls in Cowley Street 
who thought they had fixed a 
satisfactory deal with the 
Liberals about allocating seats 
in North Yorkshire and 
Humberside. 

Evans was taken aside at the 
weekend conference and warned 
that she would be disowned if 
she persisted in such outrageous 
attitudes. Social Democrats 
should show a little • more 
decorum than Liberals, it was 
suggested. 


One clause was so “badly 
drafted . . . both Us meaning 
and purpose are difficult to dis- 
cover,” the judge commented. 

He reminded Lloyd’s that 
other types of insurance bad 
“just as antique and historic 
an origin and growth” but 
there trad been a welcome ten- 
dency to re-draft policies in 
recent years to provide greater 
simplicity and certainty. 

It was, he concluded 
pointedly, an approach to be 
encouraged. 


But the artist shies away from 
the subject because' of the 
destructive purpose to .which he 
feared they would be put by 
evil men. 


In reverse 


Code of conduct 


Water wings 



After Laker, soipe cracks seem 
to be appearing in Pan 
American. 

First class passengers on a 
flight from Saa Francisco to 
London yesterday covered them- 
selves with blankets, towels and 
pillows to avoid a soaking as 
rain showered through toe roof 
at take-off. 

When the aircraft left Seattle 
after a touch-down there, one 
man put up his umbrella. 


Policy matters 


** I fhink Sir Freddie is 
beginning to appreciate how 
frustrating being on stand-by 
can be.” 


Though it may have been saved 
an $llm payout in claims on 
the scuttled oiltanker Salem, 
Lloyd’s got quite a wigging 
from the Appeal Court about 
the literary style of its marine 
insurance policies. 

“Notoriously ill-drawn,” Lord 
Justice Kerr observed tartly 
during his judgment: while 
Lord Justice May strongly 
deprecated the “mystique” that 
surrounded the subject 

Lloyd’s “ship and goods” 
policy had been criticised for 
its form and content for at 
least 200 years. Lord Justice 
May added. And anyone read- 
ing the statement of perils it 
covered now might well echo 
those historic complaints. 


For the first time for 265 
years, one of the most important 
scientific works of Leonardo da 
Vinca was on display in 
Florence yesterday. 

Dr Armand Hammer, the 
octogenarian bead of Occidental 
Petroleum, returned the artist’s 
Codex on the Waters, the Earth 
and the Universe, -to the city for 
a Ihree-raonth exhibition. 

■ The Codex was sold by .a 
Florentine to Thomas Coke, 
first Earl of Leicester, in 1717, 
end kept under lock and key at 
the family’s home at Httkbam 
in Norfolk until December 1980 
when death duties obliged toe m 
to part with it. 

. The Italian Government 
anxious to repatriate the work, 
had allocated up to £5tn to buy 
it at Christie’s. But it had to 
abandon the hid when the 
severe earthquake in southern 
Italy forced it to seek interna- 
tional loans to meet the cost of 
the damage. Hammer, whose 
attempt to buy the Codex some 
years before was rebuffed, 
acquired It at the sale for 
£2.45m. 

At a ceremony attended by 
Italian President Sandro Pertini 
yesterday. Hammer announced 
that he was making provision 
in his will for the Codex to be 
exhibited in Florence every five 
years in future. 

The 36 pages of manuscript 
in Leonardo’s mirror writing and 
illustrated with little drawings, 
envisages among other things 
the possibility of submarines. 


For years Merrill Lynch has 
proclaimed itself “bullish” oir 
America to whet toe investor’s 
appetite for stocks and bonds. 
But given that toe stock market 
has been stuck te a rut for 10 
years, and the bond market is 
a disaster area, toe enthusiasm 
of the largest U.S. stockbroker 
has always seemed a little mas- 
placed. I may finally have toe 
reason, though. . 

The latest 1982 World 
Almanac and Book of Facts, one 
of America’s great knowledge 
compendiums. contains a glos- 
sary of investment terms sup- 
plied by Merrill Lynch." Two of' 
them read as follows: ' 

Bear Market: A ‘market in 
which prices are on the rise. . 

Bull Market: A market' fa 
which prices are falling. 

The man at Merrill Lynch was 
a bit flustered when I pointed 
this out to him. “That’s not 
right at all,” he said. “They’re 
obviously the .wrung way 
round.” 

But while Merrill and the pub- 
lishers sort out who is to blame, 
some cynics are suggesting, that 
it -is not an error at all. Any- 
one who took this definition of. 
“ bullish ” in the last couple of 
years would have saved himself 
a packet of money as the bottom 
fell out of the New York Stock 
Exchange. So maybe Merrill, 
has been giving fae right advice 
aU along. 


Impasse 


Rear window car sticker seen 
in Hammersmith : “ I -want to 
be an anarchist but l don’t 
know the rules.” 


Observer 



lots of people da Tbe coarb$xrrd r ; : ; , v , 
pension fund; TJbiVidchr^Ui^bn, Land I 1 ; k 

Securities, the^ Vlkingj; Property 
CommonweaHh Holiday iritis areju& .• £■:- 


successful arid proffldbfebds^^y * : ?? ?; • : . 

their operations. Rrst cJass:1rahsporf; =' ■ ■ ~ ; r r . ' 
and dc^ixiunlCQ}j6n^;sp^dl : ! •.? " r •' 

development area. dotusidhcWh ;C^:' 

— ' • ~_J ill 1 v*- ■: 









W fflosio knew mwecibouf burthen 

' Pleats *ertmBaeapyer~ 


Nqrn&. 


■■■■ . simp ■ ' Fii'V . , 

JbuOw« 6 bpodi 8 «MGknMii,^-'' fc-i-iji :■ '• '»*. 











.Financial" Tbfces Monday February 15 1982 


19 


THE WORLD IN 2000 


A planet heading for trouble 


■ - 

*vK§y. 

l" ^ 

H' 


By Ian Davidson 


TEN YEARS ago. fee dub of 
Rome created ff sensation with 
tie publication of its -report. 
Tie - limits- To Uxtnrth. - It 
argued, on the baaitof elaborate 
computer mod effing, that finite 
physical resources and poHution 
would place . -miavoidaMe 


POPULATIONS OF 
/TftlRD WORLD 
CITIES 

(estimates, millions) 

1975 200Q 

Mexico City 10.9 314 



work! population and economic. Calcutta 

8.1 

•IV 

*-'-r 

giowllt and, more aJaimin^y, Seoul"' ' 

73 

18.7 

\ ... > jftiS 

naturally* etafafflse at ihe ififr Greater- Bombay 

7.1 . 

W.1 


mateiy sustato&Me L level,- but Greater Cairo . 

W 

' 1 6A 



5w6 

16.9 

i 

-levels. DeW 

45 

133 

The Initial sensation. was fol- Karachi 

43 

15.9 

t -o -.>! 

1 - -.}: .. 

There were those 

44 

117 

1 ■ ' A 

feat technology was bound to Tehran 

44 

133 

j 

come to the rescue of our 20 tb- Bogota 

3.4 

9S 

i : 

Some maintained that predic- “S°* 

Z1 

9j4 


made ‘since <|itn> immemorial. 5w/rc * ; Glob *< 2000 Tachnicmt Report 









- :: ■<■•' 

-.i 

.-***?' 

:l 



• m *m* 1 
s I 



dictions must be equally false. 
And there were others who said 
there was something wrong with 
the computer model 
- Despite the counter-attacks, 
anxiety for the long-term pros- 
pects of the planet remained 
very much alive, and five years 
later. President Carter com- 
missioned a XJJS. Government 
study on fee probable changes 
in ' fee world's population, 
natural resources and environ- 


‘Expect a troubled 
entry into the 
21st century 5 


meat during the rest of this cen- 
tury. - The result the 766-page 
. Global 2000 Report to the Presi- 
dent, was published in the' 
dosing, months of the Carter 
presidency. Since then, it has 
sold 360,000 copies in Germany, 
and now it - is published in 
Britain. " 

Inevitably, some of the 
detailed forecasts will have been 
vitiated by the lapse of time; 
this is most obviously true of 
fee energy-forecasts, which were 
mode before fee 1979 oQ price 
explosion and fee accident to 
fee nuclear power station at 
Three Mile Island. But fee 
general thrust of fee report — 
that “ serious stresses involving 
population. resources and . 
environment are dearly visible 
dhead "—4s unlikely to have 
been significantly modified. 

'“The- time for action to. pre- 


vent this outcome,” it says, ** is 
running out. Unless nations col- 
lectively and individually take 
bold and imaginative steps 
toward improved social and 
economic conditions, reduced 
fertility, batter manpgpmpnt of 
resources and protection of fee 
environment, fee world must 
expect a troubled entry into fee 
21st century.” ' 

Between 1975 ami fee year 
2000, fee world's population is 
expected to rise from 4bn to 
6.18bn. Although the rate of 
growth will have slowed down 
slightly, the world’s population 
will be growing faster in the 
year 2000 in absolute terms than 
it is now. Practically fee whole 
of this increase will take place 
in fee developing countries, 
which will then account for 
nearly four-fifths of the total 
world population. 

Of this 2 - 2 bn increase in fee 
final quarter of this century, 
almost half will live in cities in 
developing countries, and will 
take fee total urban population 
in developing 'co untries to 1.4bn, 
compared with only 480m in 
1975. By the year 2000, 10 
developi ng-co u n tr y cities will 
have populations of more than 
12m, wife Mexico City heading 
fee list at 31m, and almost 400 
cities will have populations of 
more iflian-lm. 

This growth of cities in fee 
Less Developed Countries wiU 
put unprecedented pressure on 
sanitation and other public ser- 
vices- . As it is, fee fastest urban 
growth in fee LDCs occurs in 
uncontrolled slums and shanty- 



towns, where sanitation is mini- 
mal or non-existent To keep 
pace with growing needs, the 
LDCs wfill have to triple urban 
services during the next two 
decades; but "the chances of 
this happening are unlikeiy at 
best” says the report 

Can fee world's population 
be fed in 2000? The contu- 
sion of fee report is : not 
adequately. World food output 
will rise by 90 per cent (com- 
pared wife a 50 per cent in- 
crease in world population), but 
most of feat increase wiH go 
to countries which are already 
well fed. Per capita consump- 
tion in the LDCs in South Asia, 
the Middle East and Africa will 
scarcely improve at ail or may 
even dedine below present in- 
adequate levels. In some areas, 
there could be a “ calamitous " 
drop in food per capita. 

Since most of the good land 
is already under cultivation, 
practically all the increased 
food output wiM have to come 
from more intensive cultivation: 
more fertilisers, more pesti- 
cides, more irrigation, and 
better plant and animal strains. 
This means feat world food 
production will become sigm- 
cantly more dependent on petro- 
leum and petroleum-related 
products, and feat after decades 
of generally falling prices, fee 
real price of food is likely to 
double by fee end of fee cen- 
tury. 

(fee of the most serious 
ecological problems identified 
by the report is the rapid 
decline in fee world’s forests. 


At present about one-fifth, of 
the world's land surface is 
covered by forests; at the 
current rate of deforestation 
— 18m hectares a year, an area 
half the size of California — the 
world's forests are likely to 
cover only a sixth of fee world 
by the end of the century. By 
2Q20 aH the physically 
accessible forests in the LDCs 
are expected to have been cut. 

This will pose severe diffi- 
culties for the LDCs, many of 
which depend heavily on wood 
for heating and cooking; as it 
is. collecting wood fuel is 
already a full-time occupation 
in some parts of fee world; in 
others, such as the Ganges 
Plain of India, fee shortage of 
wood forces the poor to burn 
animal dung and crop wastes, 
wife disastrous, effects on fee 
productivity and health of their 
arable land. 

Deforestation will also lead 
to more permanent damage. 
"In fee Asian LDCs, deforesta- 
tion will cause extensive 
erosion and will destabilise 
waterflows, adversely affecting 
fee agriculture on which a 
quarter of fee world’s .total 
human population depends. In 
the tropical zones of Africa and 
Latin America, ’ deforestation 
will lead, in many cases, to fee 
loss of fee. nutrients, and to 
reduction of fee soil quality, 
essential for the recovery of 
the forests. Desert encroach- 
ment can be anticipated in 
parts of nearly every continent.” 

In * addition, deforestation 
will be the largest single factor 


Letters to the Editor 

~ European gas policies and potential resources 


From the Director , Centre for 
International Energy Studies, 
Erasmus University, Rotterdam 
Sir, — Sue Cameron (February 
I) is correct to wonder why 
Western Europe is taking more 
Soviet gas when “there are 
other sources, including .the 
North Sea.” Indeed our 
indigenous reserves are already 
known to be sufficient to sustain 
a production rate rising to a 
level 50 per cent higher than, 
currently planned . for fee 
second half of the 1980s. Un- 
happily, institutional' factors 
such as incorrect gas resource 
evaluation procedures, the pro- 
tection of other energy sources 
(including coal and nuclear 
power), nationalist attitudes to 
marketing the gas, and govern- 
ment /company disputes over 
the division of the economic 
rent from high value sales serve 
to inhibit fee indigenous supply 
process.. It is thus “easier” to 
reach ah agreement to’ import 
gas from Russia than to maxi- 
mise Western Europe's produc- 
tion potential! 


“Conservation of limited 
supplies” is also an element in 
the situation and fee contrast 
between earlier “profligate” 
and present “conservationist” 
Dutch policy is usually pre- 
sented in evidence in this 
respect This does no justice to 
fee facts of the situation par- 
ticularly when Sue Cameron 
describes the earlier Dutch 
policy as one in which “the 
Dutch would give their gas to 
almost anyone who came along 
with a suitable length of pipe." 
On "the contrary the monopoly 
responsible for Dutch gas 
exports in the 1960s priced 
them well above competing' 
energy prices even though this 
meant limiting the production 
of the Groningen field to only 
50 per cent of the- rate which 
would have been achieved in a 
competitive situation. It was 
this pricing policy which first 
attracted West Germany and 
other West European countries 
to supplies of Russian gas; and 
the Soviet Union, was happy to 


oblige at prices which undercut 
those demanded by the Nether- 
lands in spite of the massive 
contrast in transport costs 
between the two supply sources. 
It was only in the context of 
competition from Soviet gas 
feat Dutch suppliers then 
responded to fee larger scale 
marketing opportunities, but by 
then the- ’“damage” had been 
done as . energy-short Western 
European ' countries had com- 
mitted themselves to R u ssian 
gas. 

Today’s limited gas produc- 
tion policies in Norway, Britain 
and other .roun tries — as well as 
in the Netherlands— seem cer- 
tain to ensure that history will 
repeat itself; at fee cost of an 
even greater degree of depen- 
dence. on external supplies at 
the same time as Western 
Europe's known gas reserves 
remain partly unexploited and 
the resource potential remains 
largely unexplored. 

(Professor Dr.) P. R. Odell. 
Postbus 1738. 

3000 DR Rotterdam* 


Agricultural 

economics 

From the President 

The Agricultural Economics 

Society 

Sir,— With reference ot Mr 
Cathie’s letter (February 6), 
may I refute fee allegations and 
imputations made by him wife 
regard to this society. The con- 
tents of fee Journal comprise 
both contributed articles and 
fee papers read at the society's 
annual conference. Journal 
articles are- refereed by an 
editorial committee, and fee 
conference programme is agreed 
by the executive committee to 
whom suggestions may he made 
by members as to the content of 
future conferences. 

An analysis of fee contents 
of fee journal articles and con- 
ference papers does, to fact, 
show a reasonable allocation of 
print to. fee economic aspects 
of European agriculture. This 
is not to mention fee unrecorded 
one-day conferences both in 
Edinburgh and London spon- 
sored by fee society which have 
dealt with tins particular topic. 

Agricultural economics as an 
area of. independent applied 
research, in the UK'ls funded 
by . a plurality of sources includ- 
ing the University Grants Com- 
mittee, fee Social Sciences 
Research Council, charitable 
foundations and, commerce,, as 
well as fee Ministry of Agricul* 
tore Fisheries -and Food, for 


' which the society and fee pro- 
fession are grateful. 

Ian G. Reid. 

Centre for European Agricul- 
tural Studies, 

.W ye College, Wye, 

Ashford, Kent 

Research studies 
jnto. the CAP 

<Frvm: Director and others, 
Agricultural. Economics Unit, 
Department of Land Economy, 
University of Cambridge 
Sir,— We regret feat a colleague 
should have used the address 
of the Cambridge Agricultural 
Economics Unit from which to 
Bend a personal ■ opinion 
(February 6) on fee economic 
research funded by fee Ministry 
of Agriculture, Fisheries and 
Food. We especially disassociate 
ourselves from ■ the comments 
of Mr Cathie on the . ratae. 
■ quality and scope of the units 
research on farm incomes and 
on the economics of agricultural 
production and marketing. ■ _ - 
The results of these studies 
guide those who formulate 
policies, particularly in White- 
hall and Brussels, and are 
indeed commissioned by MAFF 
principally for feat purpose. 
This is not however, their sole 
raison d’etre. The analysis and 
presentation are such as. to 
make them widely used in 
planning and control by agri- 
cultural advisers, managers in 
the ancilliary industries, 
bankers and farmers them- 
selves. We moke no apology for 


this ’“humble” contribution to 
economic efficiency. Wealth 
must be created before it can 
be redistributed. 

This work does involve a 
good deal of arithmetic — 
albeit mainly by computer — 
attention to technological and 
financial detail and contact 
with producers, all of which 
may well be tedious to the 
“political economist" with his 
broader brush. The analytical 
problems involved nevertheless 
are not un challenging. Some 
core topics inescapably recur 
in our reports, but the other 
subjects covered and the tech- 
niques used have evolved and 
varied over time. 

The MAFF has In our experi- 
ence never sought to restrict 
fee development or extension of 
our work, for instance into 
studies, wife graduate students, 
on pricing and land policies, 
and on horticulture in fee 
Common Market This scope is' 
constrained only by fee need 
to meet our contractual com- 
mitments. There is certainly 
room for greater exploitation 
of our data banks In several 
directions. We are not so arre. 
gant as to claim feat the unit 
has no shortcomings but the 
deficiencies of independence 
and initiative claimed by our 
junior colleague are an exag- 
geration to fee point of .travesty. 
L M. Sturgess (Director), W. L. 
Hinton, R. F. Ridgeon, M. C. 
Murphy, J. G. Davidson. 
Department of Land Economy* 

IS Silver Street , Cambridge. 


Initiative Tests with 
the Government 

Sir, — The initiative has re- 
mained with fee ' Thatcher 
Government since its return in 
1979, because its policies (what- 
ever their defects) are so much 
more to fee point than anything 
emanating from elsewhere. 
Admittedly, some Liberal think- 
ing has been sharp- but by and 
large Social Democrats and 
Liberals (and the Labour Right 
and Centre indeed) have grad- 
ually swung from dream to 
reaKty. 

Whatever differences of 
emphasis beset the Cabinet, 
their extent' is significantly 
smaller than the wide diver- 
gences on view in the Centre 
and «ver increasingly devastat- 
ing the .Left. As the author of 
what is now approaching the 
new orthodoxy the Government 
has the best right to our con- 
fidence. It would command still 
more had it applied ks prin- 
ciples of private enterprise 
more rapidly. 

Denationalisation of a loss 
malting body is in some respects 
more pressing than feat of one 
awash with profit Early de- 
nation atisation of British Air- 
ways could well have meant a 
.low purchasing price, yet that 
step - would certainly- have 
avoided the very high (and con- 
tinuing) sustaining price the 
taxpayer finds so baffling and 
distasteful. That any loss on. 
-sale would have been substan- 
tially smaller than the recent 
heavy outlay is virtually a 
truism. 

In one key respect though the 
Government has itself very 
much to blame for some of its 
unpopularity- Its self-presenta- 
tion is poor and its self- 
definition inaccurate. The task 
of educating the general public 
into realism has not been con- 
vincingly tackled The honest 
discussion of issues on radio 
and television has done vastly 
more than anything launched 
from Downing Street And fee 
adoption of the label “mone- 
tarist ” is simply wrong. There 
is a strong thrust -in that direc- 
tion, but no more. The approach 
to change from Keynesian 
emphasis has If anything been 
too. slow. Does a Government 
which allows so many marginal 
mines to remain open (just to 
use one Kne of argument) 
deserve the name “uncaring? ” 
No, policy las been and Os more 
selective than proclaimed. In 
many ways fee Thatcher 
Cabinet is doing more crisply 
some of the things the Social 
Democrats claim are required. 
Whigs can steal clothes; fee 
Cabinet should therefore not 
only wear but be seen to be 
wearing theirs. Such habits 
would go far to clarify the mind 
of the nation. 

Michael Hurst 
Si John's College^ Oxford. . 


Grtfram Lmar 


leading to fee extinction of a 
fifth of thu world's plant and 
animal species. Most of these 
Josses will take place in 
tropical areas, but the more 
serious losses will, be those in 
dry and mar ginal lands where 
local strains of important food, 
grains have evolved high-yield 
or disease-resistant traits. The 
extinction of wild, strains, and 
their replacement by high- 
yielding commercial seed, ■ will 
make it more difficult to breed 
disease-resistant strains in 
future. 

“If present trends continue, 
increasing numbers of people 
will be dependent on' the genetic 
strains of perhaps .only two 
dozen plant and animal species. 
These strains will be highly in- 
bred, and fee plant strains may 
have reduced pest and disease 
resistance and may be planted 
in large, contiguous mono- 
cultures. Plant and animal 
epidemics will occur as they 
have in the past except that in 
fee future the number of human 
lives at risk may not be in the 
millions (as in fee Irish potato 
famine) but in fee tens or even 
hundreds of millions. While the 
magnitude of the risks Involved 
cannot be measured precisely, 
fee world’s history of- crop 
failures due to pest and diseases 
(including the recent U5. corn 
blight) demonstrates that the 
probabilities of a major failure 
are not negligible. ” 

. Because of the growth' of 
population, water shortages will 
be more frequent and more 


severe than .they are today, 
moreover, deforestation will 
destabilise flows of water, while 
irrigation and the use of -pesti- 
cides and fertilisers will con-, 
taminaie fresh water. The re- 
port even goes so far as to 
suggest that water shortages 
could lead to outbreaks of war. 

“ The world will be moire 
vulnerable to the disr up ti v e 
effects of war. The tensions 
feat could lead to war will have 
multiplied. The potential- for 
conflict over fresh water alone 
is underscored by the fact feat 
out of 200 of fee world's major 
river basins, 148 are shared by- 
two countries and 52 are shared 
by three to 10 countries. Long- 
standing conflicts over shared 
rivers such as fee Plata (Brazil, 
Argentina), Euphrates (Syria, 
Iraq) or Ganges (Bangladesh, 
India) could easily intensify.’' 

In 1969 fee US. National 
Academy of Sciences estimated 
that a world population of lObn 
-would be "close to (if not above) 
fee in.-igimnm that an intensively 
managed world might hope to 
support wife some degree of 
comfort and individual choice. " 
The Global 2000 Report does not 
put a figure on the world's maxi- 
mum carrying capacity, but it 
docs think that fee NAS may 
have underestimated fee extent 
of problems like deforestation 


Market forces 
will not solve 
the problems 


and loss and deterioration of 
soils. 

“In fact, fee best evidence 
now available — even allowing 
for the many beneficial effects 
of technological developments 
and adoptions— suggest that by 
2G0Q fee world's human popula- 
tion may be within only a few 
generations of reaching the 
entire planet’s carrying 
capacity. ” 

This is not a cheerful book. 
But it is extraordinarily read- 
able. In fee best American 
fashion, fee technicalities are 
laid out wife inescapable 
lucidity. Above all, it underlines 
that market forces will not solve 
the problems it describes. 

The G/obuI 2000 Report to the 
President , Allen Lane and 
Penguin, £14.95 (£7.95. paper- 
back). 


Lombard 



inflation drop 

By Samuel Brittan 


PEOPLE’S expectations about 
inflation, which had been 
steadily falling since 197980, 
have started rising again in the 
last few months. The most im- 
portant “macro" objective of 
fee next Budget must be to 
start them moving down a gain. - 

Evidence about people's infla- 
tionary expectations is available 
from Gallup poll questions. 
From 1961 to 1975 people were 
asked whether they expected 
prices to rise, fall or stay con- 
stant over the next six months. 
Since then they have been 
asked the same question about 
fee inflation rate. 

The balances of ups and 
downs has been transformed 
Into a forecast of the inflation 
rate by Mr Roy Batchelor of 
the City University Centre for 
Banking. The main assumption 
is that, although most people 
always expect prices to rise, 
variations in the size of fee 
majority give a clue to how 
fast the price rise is expected 
to be. The other key assump- 
tion for the computation is feat 
over the long period, 1962-81, 
expectations were adjusted to 
reality, but over short periods 
people could and did make sub- 
stantial errors. 

A point to watch in examin- 
ing the chart is that both pre- 
dictions and fee actual outcome 
are ascribed to the date when 
the predictions were made. 
They are thus forward looking 
and show peaks somewhat 
earlier than the conventional 
inflation charts — the last peak 
(associated with VAT and oil 
price rises) for Instance being 
shown -In 1979 father than 1980. 


After 1979 inflationary expec- 
tations dropped, falling to an 
average of just over 10 jier cent 
in 1980 and 9 per cent m 1981- 
In the last few months of 198L 
however, inflationary expecta- 
tions began to rise together with 
fee inflation rate' itself. A cotor 
parteon of fee last quarter of 
1981 with the last quarter or 
1980 suggest that they could 
have risen a per cent or two. 

Actual and expected inflation 
can interact in perverse or bene- 
ficial ways, when people are 
optimistic - about inflation com- 
ing down, wage settlements and 
prices are lower in a given state t 
of the labour market, and em- 
ployment higher, than whe n ex? 
pectations are pessimistic. 
These reactions in turn make 
it easier for. governments to 
stick to anti-inflationary finan- 
cial policies, thus reinforcing ; 
fee initial shift. This is the one • 
germ of truth in the “at a 
stroke theory" of inflationary 
control. 

A cut of 7 to 8 per cent (not 
percentage points) in indirect 
taxes via the Regulator would 
cost about £l$bn and reduce fee 
RPI by 1 per cent There would 
then be a prospect of an infla- 
tion rate well into single figures 
this year rather than next This 
would be fee best chance of 
convincing people feat the UK 
was going back to fee merely 
creeping inflation experienced 
before fee traumas of fee 1970s. 
This would be better for em- 
ployment as well as for finan- 
cial stability than reducing em- 
ployers* National insurance 
contributions in a year of profit 
recovery. 


Actual outcome 

(RPU 



b *— 'Inflation expected 
ck innext6months 

l I I T I 


1972 73 74 75 76 >77 78 79 ’BO 1981 




long-term jmancbig to 
meet the needs of industry 
is the specialty of LTCB. 


Ttmety services are 
extended through an 
international network. 



Corporate financing , 
project financing — LTCB 
is experienced in all forms 
of wholesale banking. 


THE 


Business can be 
a lot more efficient 
with LTCB as a partner. 


LONG-TERM CREDIT BANK 

OF MOM. LTD: 

Los Angeles Agency. 707 Wfehire Soutev/and, Los Angeles, California 9001 7, USA Teh 43^1 7$fi Telex:1^a^ 
Singapore Branch: SuUe 2201/2204, OCBC Centre. Chul'a Street Singapore 01 04^-919^1^^^ 
Amsterdam, Sydney, S5o Paulo, Frankfurt, Paris, Toronto, Mexico City, BahrahtJatarta 
LTCB International Lid. (London), LTCB Asia Ltd. (Hong Kong), LTCB (Schweb)S (BrdreBes) 




Companies and Markets 


Amersham forecasting 
£8.3m for tMs year 


THE PROSPECTUS for the Offer 
for sale of all the shares in 
Amers ham Internationa] is pub- 
lished today. Amersham is a 
"Government-owned group which 
develops, manufactures, and sells 
radioactive materials. 

• The issue is fully underwritten. 
AU the 50m ordinary shares are 
to be offered at 142p, which will 
capitalise the company at £71 m. 

Between 1977 and 1931, Amer- 
sbam’s pre-tax profits moved 
from £489m to £4.08m while 
sales grew from £21m to £4S.5m. ■ 
Ur Joseph S. Bnrgess, group 
managing director, has said that 
profits bad been previously held 
back by the strength of ster- 
ling: The group exports more 
than 80 per cent of its output 

For the six months ended last 
September, the group reports 
pre-tax profits of £3B7m. It 
forecasts not less than £EL3m pre- 
tax for tile year ending this 
March and not less than £5.5m 
■ after tax and minority interests. 

The directors estimate that if 
the group had enjoyed the bene- 
fit throughout the year of the 
£5zn being raised by the issue, 
its restated profit for 1981-82 
would be not less than £9m 
before tax, and not less than 
Js&2m after tax and minorities. 

Commenting on prospects. Dr 
Burgess pointed out that profits 
continue to be heavily affected by 
movements in the exchange rate. 

“If sterling was weaker or 
stronger for a full year by five 


per cent in relation to the cur- 
rencies of the countries which 
make up the group’s main mar- 
kets, trading profit would be 
respectively, higher or lower by 
10 per cent,” he said. 

Amersham has activities in 
both Cantiff and Amersham, 
Buckinghamshire. It uses radio- 
active materials tto manufacture 
a wide range of specialist 
products for use in hospitals, 
research laboratories and the 
midear energy business. 

Amersham currently supplies 
over 2,500 radioactive products 
to markets around the world, 
primarily the U.S., Europe and 
Japan. Some 75 per cent of its 
turnover is accounted for by 
products used either directly or 
Indirectly in the field of health 
care. 

The group maintains a high 
level of research activity and 
aims to invest 7 per cent of its 
turnover annually in product 
innovation and design. The offer 
for safe wit! raise £5m for the 
company, after expens es a nd 
certain loans to the Government 
are paid off. It has no specific 
plans for the money. 

The group employees about 
2,000 workers— UNO in the UK. 
A maximum of 5 per cent of the 
shares have been reserved for 
employees. Each will receive 35 
or dinar y shares free and the 
option to purchase another £200 
worth on a one-for-one basis. 

The application day is 
February 18. Brokers to the 


UK COMPANY NEWS 

IStjng lincroft secs future 

>ar expansion outside 

u issue are Cazepove. Morgan the textile industry 

i Grenfell is advising Amersham v 


issue are Cazeuove. Morgan 
Grenfell is advising Amersham 
and N. M. Rothschild is acting 
for the Government. 

• comment 

Amersham is an attractive 
candidate for a stock market 
quotation. It has been in the 
radioactive products business 
since 1946 and now competes 
world-wide against sudh fpants 
as Squibb. Roche and Dn Pool 
I ts profits history has been lack- 
lustre for the past. four years, 
which the company blames on 

currency fluctuations, _ heavy 
research costs and inflation in 
the UK. For the year ending 
this March, however, it forecasts 
a smart doubling at the pre-tax 
level to £S.3m, indicating a fully- 
taxed price/ earnings ratio of 
just under 19. This looks like 
pretty glossy dressing for a 
company which has been under 
the Government’s wing for 36 
years. But Amersham has deve- 
loped aggressive marketing 
techniques along strictly 
ccmmercial lines. Further, it 
operates in a sector with a great 
deal of glamour. Its closest 
counterpart and competitor. Mew 
England Nuclear, was recently 
acquired by Du Font on a rating 
substantially higher than that of 
Amersham. The proposed divi- 
dend for the year of 3.5p gives 
a prospective yield of about 3.5 
per cent None of the group’s 
output is bought by, military 
customers. 


BOARD MEETINGS Friends’ Provident bonuses 


The fallowing companies have notified 
dates of board meetings to the Stock 
Exchange. Such meetings are usuaHy 
held fax tiie purpose of considering 
dividends. Official indications are not 
available as to whether dividends are 
interims or finals and the subdivisions 
showo below are bssed mainly on last 
year's timetable. 


interim*— Apex Properties, Impafo 
Platinum. Roan Consolidated Mines. 

Finals— Bank Leumi (UK). Drake end 
Scull, Scottish Eastern Investment 
Trust. Tempia Bar Investment Trust. 
West Coast and Texas Regional 
Investment Trust. 

FUTURE DATES 
Interims— 

Abe ream Feb 16 

BPM Feb 24 

PI essay Feb 25 

Raine Industries Mar 1 

Tar Investment Trust Feb 25 

finals— 

Bibby (J.) Mar 18 

Cadbury Schweppes Mar 11 

IM1 Feb 25 

Isfo of Man Enterprises Mar 8 

Law Debenture Mar 4 

Marehwiel Feb 23 

Tribune Investment Trust ..... Feb 18 

Trust cf Property Shares Feb 18 

Woolwortii (F. W.) Mar 10 


Unchanged rates of Interim 
and terminal bonus have been 
declared for 19S2 by Friends* 
Provident Life Office, the final 
year of the current triennium. 

Thus era assurances, the 
interim rate remains at £4.75 per 
cent per annum of sum assured 
and attaching reversionary 
bonuses, with a terminal bonus 
of 40 per cent of attaching 
bonuses for conventional policies 
and 25 per cent of attaching 
bonuses for flexible contracts. 

On SEDA — persona] pension 
contracts— the interim bonus 
rate stays at £6.40 per cent of the 
basis benefit and attaching 
bonuses and the terminal bonus 
at 50 per cent of attaching 
bonuses. On other pension 
schemes the interim rate is kept 
at £10.50 per cent of benefits and 

attaching b0HUSe5. 

The next foil bonus declara- 
tions wfl'i take place at the end 
of this year and will be in 
respect of the three years to 


December 31 1982. The com- 
pany announces that thereafter 
bonuses will be declared on an 
annual basis. Quotations are 
now being given assuming the 
current interim rates on an 
annual compounding basis. 

The company is also increas- 
ing its policy fees from 75p to 
9Cp per month — the new annual 
premium char ge being £9. 


GEORGE DEW 

Taxable profits of G. Dew and 
Company (the old group) for the 
year ended November 1. 1981 
came to £3 .24m. Of ibis £506,000 
was attributable to George Dew 
(the new group) as post acquisi- 
tion profits. 

George Dew was formed as a 
result of a management buy-out 
(and subsequent placing) of 
G. Dew and Company from the 
Dutch parent. Royal Volker 
Stevin. 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY. 


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LONDON BRANCH 

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CO-MANAGED BY 

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77feadtert&erBemfefesuprf*7Ccrweefftw vM ^ iranxht ^ tfaj^HMigs Ma^ BtcantpSana 

“ — - - — - *' ' v ‘‘ “ “■*“ i 

stoscfotaarjutiasoavslaas. 


DtlNHUX HOLDINGS PLC 


Gnopaated si England Ala 1802034) 


Share Capita! 


fssuedandfitfyPakJ 


FlirsL!anttoaSd^nBofArraiiyw!taitistderSedOTi206oftheCamparfesAcl1946CXjrfT3 

HokSngsPiJC acquired the issued share capital of Alfred ftirWII Unrated. _ 

Hie Counts of The Stock Exchange has atirvttsd the abov&maifioredR^reiBncs and 
Orcffnary shares of Dunhilf Hofcfrigs PLCtothe OfficaJ list. PartkxiJats relating to are 

ava&bteintfie Extel Statistical Seivfceand copies of the statistical card may 
normal business hows on any weekday (other than Saturdays) up to and tneixang istMacn* 

1982 from:— !^raence,Prust&Co. 

Basidan House, 

bnfaB^SsUi ISthfetoBW 1982 


THE DIRECTORS <rf Lincroft 
Kilgoar, the doth merchanting 
and men swear manufacturing 
company, have decided that 
future investment should be 
made outside the textile industry. 

They have appointed to the 
hoard Mr David Davenport of In- 
vestment Intelligence, a privately 
held investment management 
company. His part-lime job will 
be to assist in formulating an 
investment policy for the com- 
pany's surplus cash. 

Mr Tony Holland, chairman of 
Lincroft, said that the surplus, 
which could be between £Lm and 
£2m, would be invested in quoted 
securities. 

In. the annual report, posted 
over the weekend, Mr Holland 
says that “ Although the results 
for 1980-51 show a marked im- 
provement compared with the 
previous year, they have still not 
provided an adequate return for 
shareholders.” 

Last year the group pulled 
back from a £425,406 loss to a. 
£320,868 profit 

He adds, “ The board has, 
therefore, reviewed the longer 
term outlook for those sections 
of the textile industry in which 
the group is still involved and has 
readied the conclusion *hat last- 
ing and profitable expansion will 
be difficult to achieve in the 
future vfaidh the British textile 
industry faces. In these .circum- 
stances, it will not be our policy 
to increase our investment in the 
textile field.” 

Last year Lincroft entered 
abortive discussions to seU the 
merchanting division which 
accounts for 70 per cent of turn- 
over and 33 per cent of trading 
profits. However, Mr Holland says 
Ibis division Is no longer up 
for sale. 

But Lincroft did sell its Bally- 
mena shirt factory last summer 
and disposed of its other shirt 
manufacturing operations by sell- 
ing stakes in associated com- 


RESULTS AND ACCOUNTS IN BRIE? 


CANADIAN AND FOREIGN INVEST- 
MENT TRUST — Net asset vofus per 
share at January 31 1S82 203 3& after 
prior charges at par. 

ST. ANDREW TRUST— Net asset 
value per share at January 31 1232 
210.4p alter prior charges at par. 

GENERAL FUNDS INVESTMENT 

TRUST — Basalts tar year to January. 
15 1982: revenue after tax €513,263 
(£520.351); preference dividends 

£5 250 (seme): ordinary dividends 
£502.176 (£433.7® ]: rotaf assets 

£3 2.14m (£30.1 in ); asset value per 25p 
shore 373.65p xd ( 354.35 p xd) and par 
lOp share 353.07p xd (313.32p xd); 
firai net dividend 5.5p (5.25pl making 
8 o (7.75p) . Meeting: King William 

Streei. EC. April 15. 12.30 pm. 

MOUNTLEIGH GROUP (property in- 
vestment end development) — T axabie 
profits tar the heti year to October 31 
1981 €231.000 (£217.000). including 

property division £262.000 (£241 ,000) 
end worsted, manufacturing Josses of 
£31.000 (€24.000). Textile interests 
disposed of in JunB 1381. Pre-tax 
profits struck after depreciation at 
£ 22 . COO (£46,000) end interest of 
£179.000 (£1-13,000). Turnover J3.l3m 
(£ 2.1 m). Including property safes 
Cl. 70m (€346.000). rente! income 

£230.000 (£1-17.000) and woretBd 

manufacturing El.Um (€1 .03m). 

Interim dividend Ip (same) not per 
25p share— company anticipates at 
least maintained total (3.5p). 

DRAYTON PR EMI St INVESTMENT 
TRUST— Wet revenue lor 1981, £3. 54m 
(£3.31m) after tax of £2.37m EL17tn). 
Final dividend 7.71p (7.2p) making 
total 10.71 p (10.2p). Net asset value 
30*.75p (292.5P). 


DRAYTON COMMERCIAL INVEST- 
MENT TRUST— Net revenue for 1381, 
£2. 15m (£2. 09m) after tax of £1.45m 
(£1.32m). Final dividend 5.25p (5p) 
making tore! 7.55p (7p). Net asset 
value 222.5a (215.5p). 

RIVER PLATE AND GENERAL INVEST- 
MENT TRUST— Gross revenue for 1981 
n.4Sm (£!.46m). Surplus en realisa- 
tion and revaluation of subsidiaries 
£38,731 (£36.902). Tax C4S1.8C5 

(£443.2ES). Stated earnings per 25 p 
deferred share S.47p (5.53p adjusted). 
Final dividend 4.25p (4p adjusted), 
making 5.5p net (5.2Sp adjusted). Net 
asset vahia per share 154p (1482p 
adjusted). 

CITY AND FOREIGN INVESTMENT 
COMPANY (investment trust) — 
Revenue far 1381 after art charges 
Including ax £1.361- (06.608). Tax 
£370 (£12,545). No dividend (0.7p net). 
Net asset value 93p (77p) per 2p 
shore. 

RIVER AND MS1CANTILE TRUST — 
After nx revenue £1.S3m (£1.6m) final 
dividend 5p on increased capital (5p 
adjusted) making total ot 7.5 p (7.5 p 
adjusted). Gross revenue £2.91m 
(E3.19m). Tax £807.994 (£1.01m). 

Earnings per 25p share 7.11p (7J12p 
adjusted). Valuation of Investments 
£43.26 (£38.01m). Net asset value 
167.1Bp (152.93p adjusted). 

LONDON AND GAHTMORE INVEST- 
MENT TRUST — Gross revenue for six 
months to December 31. 1961, £144,148 
fC177.731): debenture and loan interest 
£91,925 (093,890); avertable far share- 
holders (after expenses and estimated 
taxation) £3.224 (£52,108) tex £12.796 
(£35.513): earnings per abet* 0.08p 
(1.226p). 


IMPERIAL CHEMICAL INDUSTRIES 
UMITED 

US$30,000,000 &£ PER CENT BONDS 
1.982 


Notice is hereby given that all outstanding bonds, US$6,000,000 

nominal, of the above Loan are due for redemption on 

15th March, 1982 from which date all interest thereon wilf cease. ■ 

The above mentioned Bonds with Coupons due 15th March, 

1982 attached may be lodged for repayment on or after the 
15th March, 1 982 at the Off ices of J. Henry Schroder Bank & 
Trust Co., 1 State Street New York, N.Y.10015, U.SA, Bank Mees 
& Hope, 1000 AG Amsterdam. Banque Generate du Luxembourg, 
14 rue Aldringen. Luxembourg, Union Bank of Switzerland, 
Bahnhofstrasse 45, Zurich, Swiss Bank Corporation, 
Aeschenvorstadt 1, Basle, Swiss Credit Bank, Raradepfedz. Zurich. 

London 15th Febnary, 1982. 


Financial Times Mimday-rjFebriiay '$&!£.&.■ 

PENDING DIVIDENDS 


p allies. Also, in the last 12 
months, the remaining doth 
stocks of the mail order business 
were sold as was the gnalier of 
the Leeds factories. 

Mr Holland adds in his state- 
ment that, “Following the sale 
of the Warwick Street freehold 
property . - . and the intended 
disposal of other properties 
surplus to oar requirements, 
allied with funds generated by 
the progressive reduction in 
stocks, there wflJ come a time in 
the near future when all tire 
group’s borrowings, other' than 
to meet seasonal needs, wiH have 
been eliminated.” 

At the balance-sheet date, 
September 30, 1981, -total net 
debt stood at just under £Llm 
against shareholders’ funds of 
£3.84 sl The company also had 
quoted investments valued at 
£277,125. 

Turning to the current year, 
Mr Holland says, u Trading con- 
ditions have deteriorated during 
the opening months. However, 
the group, with its sound finan- 
cial position, is well placed to 
benefit from any recovery in 
business. In this context, I feel, 
it is inappropriate to make any 
forecasts.** 

The annual meeting is called 
for March 9. 

FT Share 
Information 

The following securities have 
been added to the Share 
Information Service: 

American Telephone and Tele- 
graph (Section: Americans). 

ESI London (Electricals). 

Fledgeling Investments (Invest- 
ment Trusts). 

Leaderflnsh (Holdings) (Build- 
ings). 

Newmarket Company (1981) 
(Investment Trusts). 

Owners Abroad (Leisure). 


BIDS AND DEALS 

Merman to 
sell insurance 

subsidiary 

Negotiations are at an 
advanced stage for tire sale of 
EUerman Lines' subsidiary, . 
London mid Hull Maritime , 
Insurance Group. » tire leading : 
French insurance group; Asur- 
ances du Groupe de .Paris 
(Groupe PatemeUe) tin* an 
undisclosed sum. 

The sale is subject to the 
approval joff tire UK Department 
of Trade sod the French Finance 
Ministry. 

Companies in the London and 
Hull group include English mid 
Scottish Maritime and General 
Insurance Company, . London 
Investments, the- underwriting 
agents Montgomerie and 
Workman and Aviation Under- 
writing Agents (50 per cent 
owned). . 

FOOD FLAVOURING 
AND PERFUME 
MERGER PLANNED 

.Three companies. Proprietary 
Perfumes, Food Industries and 
Bertrand Frferes, dealing in per- 
fumes and food flavouring, are 
to merge to form a £100m inter- 
national company FPF. 

The new company begins 
operations on April 5 1982 and 
will employ more than L 200 
people. Its headquarters wall he 
at Ashford, Kent 
Proprietary Perfumes exports 
some 80 per cent of its products 
from the UK and has recently 
invested fim in a technical de- 
velopment building in Ashford. 

It has brandies in the U.S., 
France, Germany, Brazil, Japan 
and Singapore. 

Food Industries manufactures 
a wide range of food ingredients 
including flavours, hydrocoloids, 
colours and emulsifying agents. 

' Bertrand Frfires is well estab- 
lished in Grasse, France and 
supplies natural flavour and per- 
fume internationally. 

Mr lain Anderson is chair- 
man of the new hoard, Mr 
Gerald Landers will head the 
fragrance division and Mr Serge 
Le echini the food ingredient 
division. 

CHANGE WARES 

Friday's issue referred to the 
transfer of shares in Change 
Wares to Barclays Nominees 
(Lombard Street). 

We have been asked to xnake it 
dear the shares referred to were 
transferred to Barclays Nominees 
(Lombard Street) as nominee for 
Barclays Bank to be held as 
security under various 
memoranda of deposit - 

STENHOUSE SEES 
IMPROVEMENT 

Mr Herbert Houghton, chair- 
man of Stenhouse Holdings, 
said at the company’s annual 
general meeting in Glasgow that 
he expected, insurance broking 
profits for tile six months to 
March 31 would be down on last 
year but that the shortfall would 
be more than made up in. the 
third and fourth quarters, 
resulting in improved profits for 
the full year. 


Sates when some t£ the inbre Important company dividend 
statements may he expected in the next few weds are gteeiLln the 
following table. The dates ..shown are - those of last' yeaiV 
announcements : except -Where- • the- forthcoming board meetings 
(indicated thus*) have been officially published- -It: should be 
‘em phasis ed that dividends: to. he dedared V^- not. necessarily be - 
at the amounts in the ridpxon headed ^ AnnonireeiPeii^’Iast year *, r 

■ ‘liiHRimrfi. ■ ‘ ' 5 • A wfmm we . 


Announce- 
ment lost 
ywr 


1381-82 
High Low 
350 251 

332 380 

324 229 

337 239 

128 115 

383 284 

228 148 

395 263 

252 203 

180 82 
75 45 

72 55 

55 22 

82.7 63.5 
62.5 50 

104.5 TO 
104 70 

102 15 

80 30 

7BJ2 30 


Banco Bilbao . 

Banco Central — 
Banco Exterior — 
Banco Hi ape no ... 
Banco I rid. Cat.' ... 
Banco Santander... 
Banco Urquijo — 
Banco Vizcaya ... 
Banco Zaragoza — 
Drisgados 
Espanoia Zinc 

Facaa - '.. 

Gef. Pradedas — 

Hidrola . — i 

iberduero 

Ratroieos- — 

PewoWber 

Sogelisa 

Tefafonlcs" - 

Union Boot. ...... 


THE TREVG HALL 
USM INDEX 
118.0 (-01) 

close of business 12/2/82 ' 
BASE DATE 10/11/80 100 
Tel: 01-638 1591 


LAD BROKE INDEX 

Close 567-672 (-1) : 



Admission has been granted to the Luxembourg Stock Exchange of 
the Shares of ESI London PLC. 



Authorised 

£4,000,000 


ESI London PLC 

Introduction to the 
Luxembourg Stock Exchange of 
1 2,500,000 Ordinary Registered Shares 

SHARE CAPITAL 

Ordinary Shares cf 25peach 

Stockbrokers to the company: 
Jacobson Townsley & Co 
Friars House 
3941 New Broad Street 
LONDON EC2M 1NH 
and at The Stock Exchange 


Issued 
fully.paid 
£3,125,000 ; 


•Anglo American 

Gold-Mar 11 Final fiOOc 
' Armstrong - 

EquipmentvJkterS fnt. 0.55 
AottMid ... 

Wibfxg.i.M*r « final f.05 

BRA .—-Wor 2 B final 0.9 ; 

*BI0C Jtfar2t final , 6.4 ‘ ' 

BSft ^ -..-Mar 18 final nil 

BTR __Mar 12 final 55 . 

•Barclays Bk -iMar 1 final BJS [ 
“•Barrati 

. Dsvpmts.. Alar 17 ’lnL.3£ 

Bajam .__~,.Mar18 lnt.1.2? 

Bad (A.) j~.Mar 25 . Int. JL332- 
Be*»b*H final 7.1^ 

•Bibby (J.) 18 final 4A25 

•Biimld . - ' . „ ; 

QuB)east..^eb 17 .final nil. • 
Boddmgtoflfe ' " ‘ 1 ’ 

Brewarma._Mar19 final 18 ■; 
British . 

Atominioffr.iMer 11 1 final 2.0 ■ ■ ■ 
. British' - . . 

PatrolainnL.Maf 12 final 14.0 v 
British Vlt 8 ~-*M 8 r 3 final 2L6 
Brown Bros. ..jFeb 28 Int. ID 5 
•Cedtaaiy 

Schwappes^lriar 11 r finals.-. . 
Carrington 

' ViyaDBwM 25 .final nil ; 
CamaDt- • 

Roadstona—Mar 18 final XJS . 
•Commerojal ' ' 

Bank Aust^Jreb 25 'Incite' . 

•Commeecial 

. Unton^.Fab 23 -final M- : 
"Cons. Gold . - • 

Fi aids.. .Mar 3 Int. 8 £ - 

DRG L..lMsr 18 -final 3.0 ’ 

•Dalgety Feb 16 Int. .11 J) • 

•Da Bear* ~.-Mer 9 Rnd 50c . 

Ductile S«ol«..4rta* 17. Mnt.nl! . . v 
Eagle Star ,-^JMSr 28 -.final -85 . • 
Faircloogh ■ 

Canev^^Mar 17 final .2.85 . _ . 

Fisona JMar'2> final 3.1 . 

Ganaral Mng....Mar S. final UJOc. 
Guest Keen ..Mter18 fimM 4.0- 
•Guinness Peat Mar 38 ■ 'lot:.a.7B • 

Hepworth - v,' .' - - ■ 

Canmte._Mar 19 ... finSI 4286 

•Hongkong end • 

Sh’gbai Bkg..A9ar . 9 final HKS0.47 


Announce* 

i -Dm: roanThut- 
y*»r 

-.F* 23 final 2,0 . 


Hoovw ..Feb ZS final 2,0. 

*ICl . ... — w—-. Jab S.- Sec. hit 5.0. 
•IMI Ftasl ZB 

KMnwort' : 

Banian.. .M ol® final SA 

- Lex Sandee ^ JkJar 19 7 final 4Jt • 

■; : •Uoyda Bank: ‘..Jab 19 ' final 94 

• . . Lucas Jhd*,. ...Mar 26 - InL 2.6 \- r . 

. .*MarohwleL^:rtb Rritl;^ ' 

-Midland Bank. J4ar ZS .firial lfWL .. 

• 1 . Mills- end ; ^ -s* ■ ■[ ■■ 

- . ARsn 1ntf...\llar:2B frit. 5.01 

. Jtftcftefl Catla^ J*ar 5. Iiit. QJS96 
- : ^NatwWt .^.-.JFvb 23 HnsI’ISdS 
. Haws JntF. ..^. Jriar25 . ltk. Z8365 - 
■. / Natringhani - ■ ' ^ .. V - ‘ . 

- ■ • ■ Mnfg.:, J=cb . filial 3D ^ 

' *Ptaaaay':..«.:-iiPab 2$ lot. 342 - 

Prudential Mtr 25 final 7.0 

. •Rensonias Blow 

- anddaffaries — Mar,* final aLO, -.-'- 
*RsnrokiL' . L .4.. ,'fiaif 1 j6"'1 . 

' RockimW 1 ' yfinal ZT. ■ 

■ ‘ Royal DiftWi ' 

Petn^wim .-. Mtf final H-.3JB6, 

•Royal Inace.- Mar H .-final 1435' 

■; Shell Tfairep£^JW>r72’. final ms. 

■ ‘ -^Shna Darby -L.Feh.18- Int 10% V 

Slough inar-afcr25.. final 
..--Smith end j .. " 

; 7.. Nephew- Jlrtar 24; -finak-ZA. 7 
• ' Potta-l- i*ar 5 ■" bvt. nH •" ‘ '• ■ 

"- 'STD: . J JtiUr 20 -finaT4LT- . 

- •- Siaetiey MarlS, final. - 

?1Uiiig.< (T;) 

. aTranapt.. beYW^MaTlS' :fipal 2A' 

. ' Trieentrel-. -~-Mar l9 ; Riw>r5S .- 7 
. . .■Tube Iftvaj'UifJfcflO -’ jma h25- a - 
' . fTjirner.and . 

HawaJLiJriar T7-. Fr«ff3J0i: .- 
•• Ultramar .^^.^Merlf " final 

Unilever' ..I Jllnr :3 finel 13J7 .. 

. *Utd.- Kacuits — Mar 1 1- final .23 

' UW Mar3iabti.’-'M»r 12 1 

' WBB* Faber ~M*r23 finaFSi : 
Wohwtai* r :V- - 

. . . Hughes— MsrlS Inti M -7 f 


ltUVurviMi ■ i’ . : . . • 

. __<F- W.) ^ Afar iq final ; 

» Board mwrtmt fathnatod/. 

Issuer since made/ tT a>r tr ee,. I.Scrip 
laaua alrioa f«ad*f -^iFbrwaat. 


BASE LENDING RATES 


A-BJT. Bank 14 % 

AlMed Irish Baok .'..^,14 % 
American Erpress .Bk., 14 % 

Amro Bank .14 .■% 

Henry Ansbacher ... : 14 % 
Arbuthnot Latham .... 14 % 
Associates Cap." Ojcrp. 14 %• 
Banco de Bilbao ...... 14 % 

bqci % 

Bank Hapoalim-BM v ... 14 % 
Bank Leumi - (UK) pIc 54 % 
Bank of Cyprus ' -14 

Bank Street Sec LhL 15J% 
Bank of NJS.W. ......... 14 % 

Banque Beige Ltd. 141% 
Banque da Rhone et de 

. la Taanise -SJL- 14j% ; 

Barclays Bank.. 14 % 

Beneficial Trust Ltd. .... 15 % 

. Bremar Holdings. Ltd 15 % 
Bristol & West Invest 15 % 
Brit Bank of Uid East 14 % 

iBrown. Shipley I4$%. 

Canada Peim’t Trust... 14J% 
Castle Court Trust Ltd 
Cavendish G*ty T’StLtd 15i% 
Cayzer Ltd t:..:.:....u..:14i% 

Cedar Holdings 14-% 

l Charterhouse Japhet 
Choulartons 14i% 

Citibank Savings ......114 % 

,<3yda5dale Batik- ' — ; 14 %. 
C. E: Coates ...... 14*% 

Consolidated Credits... 14..% 
Cooperative Bank ..:;..*14' % 

Corinthian Secs. .14 % 

The Cyprus Popular Bk. 14 %, 
Duncan Lawrie. .-14 %; 

Eagil Trust -14 % 

E.T. -Trust 1 14 % 

Exeter Trust Ltd . : 15 %■ 

Tirst Nat Fin. Coip.;.. 17 %■ 
First Nat Secs. Ltd..,. 17 % 


; Robert Fraser. r.; — .w- 14 % 

. Giindlays Bapk.;...-....>il4;% 

* Guinness jtfabon ...... 14 % 

flHambros ■ Bank ; ..... 14 .% 

• - - Heritable dr. Ced- Trust 14 % 

. «Htil Samuel .:§14 % 

: CT Hoare *-Co. .....,...tl4 % 

Hongkoiig & Shanshai 14“% 

' Knowsley & Uo. Ltd. .. 1H% 

' Lloyds Bank , ... .... ... . . 14 % 

iv Mailinhall Didiited- 14 % 

: . Edward Manson & .Co- 15 % 

. Midland Bahk 14 % 

■ Samuel Montaga .14 % 

■ Morgan Grenfell- —... 14. % 
National -Westminster 14 % 

; ‘ .Norwich General Trust " 14 % 

: -:P : S. Refson &.Co. ;14 % 

• Hoxbnrghe Guarantee 14}%’ 

E- S. Schwab ;.--14 % 

‘Slavenburg’s Bank. 1 
. ; Standard Chartered ...]/14 % 
Trade Dev. Bank _.V. 14 % 
Trustee Savings Bank 14 % 

- TCB Ltd J......../,......: 14 % 

United Bank of Kuwait 14 % 
Whiteaway Laidlaw 141% 
Williams & Glyn’s: 14 % 

Wintnist Secs. Ltd -L. 14"% 
Yorkshire: Bank -14 % 

. ■ Member^ ot the Accepting Houses 
. . Committee^ ; . , 

"** -7-doir ilep03»ta 

- 11.75%.- Shoril r leno 1 ' BB.000/12. 

.. oiontit ^14.10% - , -;-.V u - 

t 7-day depoitts an - sums of:-r-un der 
. £ 10.000 11 * 2 %. £10:000 vp: to 
£50.000.' 12^%. £50:000 sitri aver 
:. ;124%. , / .- ; 

♦- Cell 'deposits ; £3,000 - end ;cWf 

'■■■•1iy%." . 

J . 21 -day deposfts mrar Jf.000 13% 

S .Dementi depoSjti i2%s.*A . 

.V- MorwSge, bantam. /- ;• . 


Public Woris^ Loan JSbarct^ ^rates 


.Years - - ' by E!Pt 'At - toeturrtyS : by ElPt A^ - muturftyS 

Up to 6 ..1. ......... 15| 15J ;16 •- - 1H I6i 

Over 5» UP to 6 15f - lEf JJS. -.■■ ISi 16 i 16} 

Over 6, up to 7....... 15J 15J 15f lflj 16|. JSf . 

Over 7, up to 8 153- -16: 154 - lfli 1» lfi| 

Over 8,; up to 9._.. 15| * 16 r 15# : 16J 16| 16t 

Over 9, up to 10 ... . 16 16 15* ! 16J 164 16* 

Oyer 10, up to 15... . 15| 15V . . .15* . - . .16*,. 164- US* 

Over 15, up to 25... 1» -■ 15* ; 15* . 1«4 . V 16 lfr . 

Over 25 15* ' 15* ^ 15* - 16 - - 16 j;6 

•Non-quota loans B are 1 per erat higher in each ease than 
non-quota loans A. t Equal insteiments -of prmcipaL 4 Repayment 
by half-yearly annuity (fixed equal half-yearly payments to include 
principal and interest). § With half-yearly payments of interest only. 


Effective’ February 6 

;:QuoCaf~Mans rapsid ,'v- Non-quota Joans A* rapaid 

— ‘ ' st 

1 ETPt s At‘. reaturiljrii by ElFt A* -.msturityl 
15* 15* ’16 •- - 16* 16* -16* 

151-15# ;. 16 • 16* 16* 16* 

15* 15* 15*. 16* 16* 16*. 

15* "16: 154 - 16* 16* 16* 

15* * 16 : r 15| : 16* 16* 16* 

16 16 15* : 16* 16* ' 16* 

15* ' .15* ': . .15* . - . 16* 16* 16* 

15* - ■ 15* / 15*. 16* V16 l!6 - 

15* 15* • 15* : 16 -16 16 


M. J. H. Nightingale & Co. Limited 


27/28 Lovxt Lane London EC3R 8EB'j. let ephotie O 1-621 1212 


. mars-- ■ 
capinflsatiofi 


Company 


C bongs Gross Tfielrf ' FuflY 
Mca on weak dh/.(p)_ % Actoal taxod 


4. 0S2 Ai [Sprung 

1.100 ' ' AmViiaga and Rhodss " 


Frank Horsall 
. Fredsilek Paritsr 
Georgs _Btslr • ; 


12A ■ 

+ 9 

10 . 0 - 

. 8.1 , 

TO 


4.1 

.6.7 ’ 17.1, =*. -IRA 

44 . 

’J ~ 

AX' 

-d 8 3.7 8-3 

20 * ' 

— - 

‘ 97. 

4 A 33 12.1 

77 ■ 

‘ii- 

. M 

•7A- 3J8 7J 

130. 

’*,1 

6.4 

4J 11.7-34.1 

ai 

+: 3 : 

.1-7 

r :£13a.2 

51 

.+ 1 “: 


?. - 7 ^ ■ 


FINANCE FOR RffiUSTRYTFRM DEPOSnS 

Deposes cf £L,000-£50^KX) accqsted for fixed terms'cO-lO years- . 7> 


Terms (yeajqg) 
INTEREST % 


3. ,; 4 ■ - 6 : 2 ■' a} 9 •• 10 * 




it wdl be pvbnshsd'wi the following detec, . .v - «... ” 1 

TUaoIW's SkffiE - ■■ - 

' THURSDAY 11th IHWB8B : -' ^ VliiliDrinTillT^ff*^ ' 

Thera Is a llmirad -a mount of 











' t-NIS 




-a 1 • .V 

v' i> 

<3 v- k- 
§ 

'-'.A’h 

■Th. . T»:' 
\ "* ■ 

vs- 




■ = ^r-O 


. IT..;? 


-v»: 


■ T.V'i-.V 




^fioise 


Eiriandal Times Monday February 15 1982 



Cramittr-anl Markets 


CREDITS 


INTERNATIONAL CAPITAL MARKETS 1 



INTERNATIONAL BONDS 


EUROSTERLING BONDS 


Floating rate notes in fashion 


for Poland 


THIS WEEK will be -crucial in 
the loupdrawn out - saga of 

- Poland’s debt renegotiation with 
' Western banks. Today it is 

due to complete Interest pay- 
ments still outstanding from 

im . 

Once tbese payments are com- 
plete the 500 banks involved in 
the rescheduling talks will -be 
able to ^proceed with arrange- 
ments for signing the 'agree- 
ment to defer repayment, till 
1988 of some $2.4bn in -debt 
that fbl| due m the last three 
quarters of 1881: 

The endof last week found 
bankers on tenterhooks wonder- 
ing whether Poland would meet 
its self-imosed target date for 
the interest 'payments. ' 

Best 'estimates in the market 
were that around $ 100 m still 
had to be found, but no one has 
been “keeping a precise tally so 
far, partly .because individual 
banks are very coy about telling 
each other how much they are 
owed. - - ■ — ■ 

It will only be after the close 
o f the business today that the 
leading banks in die negotia- 
tions will begin checking to see 
whether all the payments have 
been made. - - 

If they have not, &e signing 
of £he agreement will be pushed 
further. Into the future. If it 
lias, a date wiH be set for the 
signing, probably in early 
March, and the banks will heave 
-n collective sigh of relief that 
the first chapter In the most 
complicated commercial debt re- 
scheduling ever is nearly over. 

But the second chapter will 
begin -almost immediately with 
talks on rescheduling debt fall- 
ing due this year. The banks 

- generally want to proceed 
with rescheduling arrangements 
despite political pressures well- 
ing up in some Washington 
quarters for a default to be 
called- 

in the Eurocredit market 
itself the main development of 
last week was the announcement 
of terms for the four year $2bn 
credit being sought by Mexico’s 
state oil. concern Pemex. These 
involve a margin of 1 per cent 
over London interbank offered 
rate (labor) or 4 percent over . 
U.S. prime rate, and confirm the 
upward . movement lit margins 
for Mexico that has taken place 
over the past few months. 

Eyes are, however, now turn- 
ing increasiiigiy towards 
Southern Europe where large ' 


loans are coming up far Greece 
(around S4QQm), Spain (5400m 
to $500m) and, - by April, 
Portugal which may be seeking 
as much as $650m. * 

All these credits will be 
closely watched as the mood of 
the market would dictate a 
slight upward shift in margins 
in all three cases, at least if a 
widespread syndication is hoped 
for. But the spirit of competi- 
tion is still strong in some 
sectors ofthe Eurocredit market 
and this coaid lead to the con- 
tinuation of very fine margins 
on some of these credits. 

A keenly awaited mandate at 
the end of last week was the 
8200m credit being sought by 
Argentina’s electricity utility 
SEGBA. Once again Argentina 
is taking longer than expected 
to decide on a deal and bankers 
are pointing Increasingly to the 
number of short-term loans 
being offered discreetly In the 
market by public sector entities. 

Typically these involve a 
margin' of 1 per cent for a 
year or IS months, -which Is 
close to tiie yield obtainable 
on medium term loans. Argen- 
tinian officials say they are 
trying to staunch the flow of 
such business having already 
reduced the short-term borrow- 
ing of the government itself 
to around 5500m from S2bn at 
its -peak last year. 

In the short-term market 
Ecuador has upset some 
bankers by opting for a 5200m, 
one-year loan through Shear- 
son Loeb Rhoades rather than 
the medium term deal origin- 
ally promised. The loan will 
be sold on a discount to yield 
basis offering effective margins 
ranging between 11/16 and 
7/16 depending on the amount 
.taken. . 

These margins are somewhat 
lower than would have been 
available on a medium term 
loan, bankers say. 

In the Ear East the Philip- 
pines last week signed its 
8325m credit which achieved 
a market sell-down of only 
around 540m. Interest was 
reported to be stronger by 
contrast in a new 5110 m credit 
for the private sector Philip- 
pine Long Distance Telephone 
which is being led by European 
Asian Bank on a split 1-li per 
cent margin. 


FLOATING RATE NOTES al- 
most seemed ..to be catching up 
with zero coupon bonds as the 
latest fashion in the Eurobond 
market last week. 

Not only did Sweden set a 
new record for the market with 
an Increase to 5650m from 
5400m in its issue first an- 
nounced on Tuesday, but there 
were also floating rate notes In 
the market for Denmark and by 
Friday for France’s Caisse Cen- 
tra le de Cooperation Econo- 
mique as well. 

This latter issue— 5100m with 
a 2 per cent margin over the 
mean of the bid and offered 
three month Eurodollar rate— 
was understood to be meeting 
strong interest despite its un- 
usually long life of 20 yean, as 
investors continue to show signs 
of wanting to protect them- 
selves against volatile interest 
rate movements. 

Bankers are generally reluc- 
tant to charm that floating rate 
notes are becoming the instru- 
ment of the future but there is 
no doubt that the high total 
return available qn such issues 
coupled -with the security of 
capital value is encouraging 
interest from a broader 
spectrum of investors. 

Essentially floating rate notes 
offer a link between the bond 
and the money markets because 
the coupon fluctuates in line 


jimonth Euro-currency interest rates 



10 % 

D-MARK 


SWISS 

FRAUD 


February 1982 


with short-term rates. This link 
was taken a step further on 
Friday with the launch by the 
Austrian Kontrollbank (OKB) 
of a five-year tap issue of float- 
ing rate deposit notes. 

Up to 8100m of the notes will 
be sold on a yield basis with 
a nominal rate of interest 
1 -point below the London inter- 
bank bid rate at the time of 
the interest rate fixing. 

Investors can however offer 
the notes for repurchase by the 
borrower at par at each three- 
monthly interest rate change. 
Notes so redeemed will be 
offered for resale by the dealer- 


managers to the issue: Orion 
Royal, European Ba n k in g, and 
Manufacturers Hanover. 

Besides floating rate issues, 
the market also saw a fairly 
steady flow of fixed rate finance 
last week culminating in a 
SI 00m, 15 i per cent, seven-year 
bond at par lor Continental 
Illinois launched on Friday 
through Morgan Grenfell. 

The 13-year tranche of the 
General Electric zero coupon 
issue was increased by $100m 
to $500 m, while BASF came to 
the market for the first time in 
more than' ten years with a 
$165m issue with warrants. 


.It was hard to tell cm. Friday ■ 
how successful this issue had 
been, partly because the dasore 
of the New York market had 
dampened market activity. 

Prices is all major sectors of . 
the bond market moved in very : 
narrow ranges last week with : 
dollar bonds shedding { point on . 
average, Swiss franc issues 4 
point, and D-Mark ; bonds ; 
remaining about unchanged. 

In the money markets six- 
month Eurodollars put on about. 
i points to 162 per cent Smaller 
rises were seen in Swiss franc 
and D-Mark rates. 

The D-Mark sector saw the 
launch of its largest and- longest 
calendar ever. Over a two 
month period foreign bonds for 
a total of DM 2.35bn are to be 
brought to the market. 

However, bankers say that the 
volume corresponds roughly to 
the amount of interest and prin- 
cipal repayments into the mar- 
ket so it should not pose a 
great strain in itself. 

Despite the radical improve- 
ment of Germany’s balance o£ 
payments situation, the Bundes- 
bank is anxious to avoid over- 
loading the bond market 
because of the heavy domestic 
financing requirements of the 
public sector, they said. 

Peter Montagnon 


Re-opening to test 
domestic demand 


.THERE HAVE been 37 strait 
Eurosterling bonds issued since 
1976, ten of them by UK bor- 
rowers. Most observers agree 
they attracted relatively few UK- 
domestic investors to the 
primary market, either before 
or after the lifting of UK 
foreign exchange controls in 
1979. 

The market has now re-opened 
after almost a year in hiberna- 
tion. The level of demand from 
British retail buyen^—as -well as 
City of London institutions— is 
one of several intriguing ques- 
tions which will be raised by 
any sustained ran of new issues. 

The catalyst for the re-open- 
ing was undoubtedly the good 
reception for Barclays Bank’s 
£100m 16 per cent loan stock 
in the domestic debenture 
market. 

This suggested some demand 
for Eurosterling bonds as well. 
The first borrower to test this 
presumption is the paper and 
packaging group Reed Interna- 
tional, issuing, a £25 m 1989 bond 
via its Netherlands Antilles sub- 
sidiary. A large management 
group led by S. G. Warburg 
embraces seven nationalities 

The indicated coupon is 161 
per cent and the bond will be 


priced on February 17. Compaq 
able gilts were initially yield- 
ing about 15J per cent Bond 
traders suggested ' that a 
premium for the bond of about 
125 basis points looked appro- 
priate but gilts rallied strongly . 
by the end of last week and a 
coupon adjustment '.must be- a- 
possibility. ' \ 

Domestic demand does in- 
deed appear to have been 
stronger than in the late 1970s, 
with City banks mid insurant® 
companies adding to the tradi- 
tional Euromarket sources. 

International support for the 
Eurosterting bond still remains 
more important, however. It 
rises and falls principally in 
line with views on sterling. In 
practice this means the bond 
sector will continue to feed off 
the crumbs from the gilts table. 

It also means the offering • 
yield on a Eorosterling bond 
probably merits . little of the * 
precision lavished, for example, J 
on the differential between 
Yankee bonds and U.S. Treas- ’ 
urv notes. As one banker com- 
mented last week, “ Eurodollar , 
paper is for investors, Euro* 
sterling is for punters.” 

D. Carapbell-SmitH 


Borrowers Amount 

m. 


US. DOLLARS 

McDonnell Douglas) 50 

Honda Motor Co.§) SO 

Denmark)) 100 


Arizona Public Service? 
Carolina Power 
Swedentf 
Sumitomo EIectric§ 
Hitachi Maxellf 
General Electric} 

General Electric!; 

Gulf Oil! 


BASF! 145 

New Brunswick Electric): 75 
Continental Illinois) 100 
CCCEt) 100 

OKB]|t) 100 

Trans-Western Explorations 10 

CANADIAN DOLLARS 
Toronto Dominion) 25 

City of Montreal 50 


Ay. life Coupon 
Maturity years % 


16 995 

Mi 

51* 100 


CURRENT INTERNATIONAL BOND ISSUES 

Lead manager Offer yield Borrowers Ai 

% 


Merrill Lynch 17.000 

Nomura lnd H Merrill 
Lynch 5-500 

Citicorp IntL, Chase 
Manhattan, Fuji IntL, 
fin, Morgan Guaranty — 
CSFB 16.123 

Merrill Lynch * 

CSFB 5250° 

Daiwa Sea. * 

Nikko Secs. * 


Borrowers 

Amount 

m. 

Maturity 

Av. life 
yean 

Coupon 

% 

Price 

Lead manager 

Offer yield 
“ % 

D-MARKS 

Pros, of Quebec) 

150 

1992 

10 

T 

1001 

Commerzbank 

10484 

Tauemautobahn 

50 

1994 

12 

• 

West LB 

• 

SATS**) 

50 

1986 

4 

TOj 

100 

BHF Bank 

10.500 

Australia) 

200 

. 1991 

9 

9f 

100 

Deutsche Bank 

10375 

Denmark 

100 

1988 

6 

10 

* 

West LB 

• 

Denmark 

100 

1992 

10 

101 

• 

West LB 

* » 


SWISS FRANCS 


0 

17.25 

Morgan Stanley, 




Goldman Sadis 

14470 

0 

19.75 

Morgan Stanley, 




Goldman Sachs 

14470 

0 

2542 

Dean Witter Reynolds, 




Deutsche Bank, UBS 




Sect. 

14300 

11 

100 

Deutsche Bank 

1640 

Ml 

99.5 

CSFB 

16375 

151 

100 

Morgan Grenfell 

15350 

51 

TOO 

BNP, Dillon Read 

5350 



Orion Royal Bank 

__ 

e 

100 

Bateman Eidiler, Hill 




Richards Inti. 

e 

T6f* 

100 

Continental Illinois 

16300 


Kredietbank, Banque 
Bruxelles Lambert, 
Sodete Generate 


Oest Postspar kass«) 

100 

1992 

_ 

71 

991 

Kredietbank 

7322 

CNT) 

100' 

1992 

_ 

71 

100 

CS 

7250 

Manitoba Province) 

100 

1992 



7 

100 

UBS 

7.000 

Machi-Fujik 0 shi**§t 

50 

1987 

— 

51 

100 

UBS 

5350 

Nakayama Steel**§ 

30 

1987 

— 

* 

100 

UBS 

• 

Landsvirkjun) 

25 

1992 

— 

8 

100 

Hande[sbank, Bank 








von Ernst 

8400 

Seesa**f) 

33 

1989 

— ■ 

6}« 

100 

Soditic 

6300® 

Canada**) ■ 

- 300 ' 

1987 


71 

100 

CS 

7250 

LUX FRANCS 

Credit Lyonnais) 

500 

1989 

7 

. 13 . 

100 

Kredietbank (Lux) 

13400 

STERLING 

Reed Inti. 

25 

1989 

64 

Ml 


SG Warburg 

• 

TEN 








Japan Airlines) 

83bn 

1987 

5 

n 

100 

Daiwa Sea, Morgan 






- Guaranty 

7375 

Imatran Vioma Ojr) 

lObn 

1994 

1032 

84 

994 

Daiwa Secs. 

8462 

Euratom) 

20bn 

1992 

10 

83 

9935 

Nomura Secs. 

8352 

EGAT**) 

lObn 

1994 

93 

8.9 

100 

Long Term Credit 



D p fn r Mnnffionnn * Not yet priced, t Final tarns. ** Placement, t Floating rata note. © Minimum. § Convertible. tt Registered wtth U.S. Securities and Exchange Coinmlsatan. 
.reier momagnun I Note: YWde are calculated on AIBD basis. 


Bank of Japan 8300 

1 For 3 years. Thereafter at 17 per cant. || To be sold on a yield basis. 


New issue. These securities having been sold, this anpounoemcnf appeals as amatterofiecord only. February 1982. 


AHMSA 


Altos Homos de M&rico, S. A 

(A company incorporated in Mexico with limited liability 
and a member ofthe Sidermex group of companies) 


U.S.$ldQOOQ0OO 

Floating Rate Notes due -1987 


Lloyds Banklntem Limited 
Bank of Tokyo International Limited Banque Nationalede Paris 

Banque de Paris etdesPays-Bas 

■ ■ -i 

C redit Lyonnais . Sumitomo Finance International 


AH of these Securities have hem sold. This announcement appears as a matter of record only. 


$50,000,000 

(Canadian) 

General Motors Acceptance Corporation 
of Canada, Limited 

16%% Notes Due February 1, 1989 

Payment of principal f premium* if any, and interest 


General Motors Acceptance Corporation 


MORGAN mJMmwTmmxxQML 


ALGEJEENE BANK NEDERLAND NJZ 


BANQUE BRUXELLES LAMBERTS A. 


BANQUE NAXIONALEDE PARIS 


AMRO INTERMTION4L LIMITED 
BANQUE GENERALEDU LUXEMBOURGSA. 

- 1 ' ‘ ' ' ■ " '. i; . j\- 


DOMINION SEGGItmESAMESUMITED 


MERRILL LYNCH INTERNATIONAL &CO. 


UNION BANKOP SWITZERLAND (SECUBmES) ' 

Ltm it e d 


CONTINENTAL ILLINOIS LIMITED 
KREpmPBANKXNTEmMflONAL GROUP 
. SOtHETEGmSBALEDEBANQUESA, 


WOOD GUNDY LIMITED 


gehmpry 8 , 1982 . 





22 


and Markets 


Financial Times. Monday February 15 I9SE 

INTERNATIONAL CAPITAL MARKETS AND COMPANIES 


US BONDS 


Wall Street rema ins 
bearish on outlook 
for interest rates 


WITH TODAY’S Bank' Holiday 
in observance of Washington’s 
birthday. Wall Street will have 
extra, time to size up the credit 
outlook when the markets re- 
open for trading tomorrow. But 
there seems little prospect of 
a decline in interest rates. The 
only question is whether they 
will go up, and how far. 

Last Friday’s money supply 
report from the Fed contained 
a nasty shock in the form of 
a surprise $2.3bn rise in Ml. 
Wall Street had been looking 
for a further decline to chip 
more of the big bulge which 
has caused so much trouble. 
This disappointment is certain 
to maintain upward pressure on 
interest rates, . though the 
market may feel in light of the 
more flexible monetary policy 
laid out last week by Mr Paul 
Volcker, the chairman, that 
there is no -cause for great 
alarm. 


Actual deficits are expected to 
be much larger than the White 
House projects. 

Even Mr Volcker, using un- 
characteristically strong lan- 
guage for a central banker, 
termed then a “ major hazard ” 
which could jeopardise econo- 
mic growth. 


Mid-week rally 


Technical bulge 


In his Congressional testi- 
mony, he said the Fed was will- 
ing to tolerate a higher level 
of money supply for a few 
months, partly because Ml fell 
way below target last year, 
partly because the reasons for 
the recent bulge appear to be 
technical. However, there is no 
escaping the fact that Ml at its 
current level is uncomfortably 
■above target, and growing at 
about three times the rate the 
Fed wants. So, even if the 
central bank wishes to avoid 
drastic action to bring Ml down, 
it is certain to keep a tight grip 
on credit 

Interest rates are likely, 
therefore, to remain at their 
recent high levels, which could 
eventually force another in- 
crease in the prime rate, even 
the discount rate. 

. The worsening of the money 
supply came at the end of a 
week dominated by worries 
about the severe imbalance in 
President Reagan’s budgets in 
the nest three years. The 
Administration's deficit fore- 
casts carry Httle credibility on 
Wall Street, which seriously 
doubts that Congress will pass 
either the extra spending cuts 
or the tax increases necessary 
to balance the budget better. 


These fears depressed an 
already badly demoralised bond 
market, and ensured that short- 
term interest rates remained 
high. The market drew some 
comfort from Mr Volckeris more 
flexible policy, and that 
sparked a brief mid-week rally. 
But trading was thin, and the 
market is still threatened by a 
large overbang of unsold 
Treasury paper from the recent 
Government auction. 

Same optimistic analysts 
believe that the extraordinarily 
high real yields available in the 
market contain the seeds of a 
rally. With top grade cor- 
porate bonds yielding 16 per 
cent and inflation weU below 
10 per cent rare investment 
opportunities await those bold 
enough to take the plunge. How- 
ever, the combination of the 
money supply problem and the 
deficit also looks very forbid- 
ding. 

Among the few intrepid 
borrowers who dared enter the 
market, Citicorp sold $200m of 
five-year notes yielding 16.5 per 
cent It was the first major 
borrowing by a financial insti- 
tuition for some time — and 
the first by Citicorp since its 
credit rating was lopped from 
Triple A to Double A because 
of its recent earnings prob- 
lems. But it - sold - quite 
briskly. 

Little new issue activity is 
expected this week. . 


David Lascefles 


U.S. INTEREST RATES (%) 

Week to Weak to 



Feb 12 

Feb 5 

Fed. funds wkfy. av. 

1553 

15.43 

3^monih Trass, bills 

14.14 

13.75 

3-month CD 

1550 

15.25 

30-yaar Traas. bonds 

14,46 

14.47 

AAA Util 

16.75 

16.75 

AA Industrial ......... 

1658 

16.00 

Source: Salomon Brothers (estimates). 


In the wank to February 3 
Ml rose S2.3bn to a seasonally adjusted 
S44S.7b«i. 


Yugoslavia to resume new 
medium-term loan talks 


BY DAVID BUCHAN 


YUGOSLAVIA intends to re- 
sume negotiations for a new 
medium-term loan from 
Western banks, on the strength 
of new official figures showing 
its overall 1981 current account 
deficit reduced to $750 hl 

Yugoslavia evidently hopes 
last year's better than forecast 
balance of payments perform- 
ance, together with the expecta- 
tion of early approval by toe 
International Monetary Fund of 
another $5OOm-$70Om drawing 
by Yugoslavia on its current 
standby credit wiH have a 
favourable impact on the 
market winch is worried in 
general by the prospect of lend- 
ing to East Europe. 

Yugoslavia is anxious to be 
differentiated from the risks 
associated with Poland, in 
particular, and with other East 
European economies in trouble, 
such as Romania. Last year 
Yugoslavia ran a $1.4bn deficit 
on its hard currency trans- 
actions, but chalked up a 
balance of payments surplus 
equivalent to $85 Dm, with 
East European state-trading 


countries. 

Yugoslav diptomafe expressed 
the hope that negotiations for 
a new loan with British, UJS., 
Canadian, and Japanese banks 
might be coanpleted by late 
March. 


But London hankers said -tins 
might not be realistic. They 
noted that while Yugoslavia 
had, with IMF backing, dearly 
made progress in curbing im- 
ports and cutting back invest- 
ments, its 1981 surplus with 
East European partners only 
balanced a corporate deficit over 
the two previous years. 

The bankers believed that the 
Yugoslavia Government was 
testing out Western financial 
sentiment with a view to getting 
a politically symbolic loan in 
the wake of the military crack- 
down in Poland. Yugoslavia, 
however, still had no real prob- 
lem in getting sufficient short 
term credit, but was rather con- 
cerned with building up its 
reserves. According to the latest 
figures from Belgrade, foreign 
currency reserves totalled 


$2.69bn, and net foreign in- 
debtedness was $l&8bn. 

Yugoslavia has sacceded In 
reducing its hard . currency 
defirit from $3.3bn in 1979, $2bn 
in 1980, to $1.4bn last -year. 
While this was dear good pro- 
gress, one banker in London 
said the Yugoslavs know, “ they 
are not out of the woods yet, 
and we know it too." 

The Belgrade' government’s 
official target is to reduce this 
year’s current account defidt to 
$500m- and to zero in 1983. 

This goal is regarded as ambi- 
tious even by some IMF offi- 
cials. According to a back- 
ground paper circulated - last 
weds fay the Yugoslav govern-, 
xnent, “realisation of these tar- 
gets in the balance of payments 
wiH enable the maintenance of 
forefen currency reserves at toe 
optimal level sufficient to cover 
average two-monthly external 
payments.” 

The paper also comments 
that “ repayment of mature in- 
stalments of foreign debts 
remains toe primary task.” 


Oil exporting 
become net 




OIL EXPORTING countries have 
become net borrowers of funds 
from major Western banks for 
the first time since the end of 
2978, the Bank for International 
Settlements (BIS) disclosed hl 
its latest quarterly repost. 

The BIS attributed the change 
large*? to a decline in toe huge 
balance of payments surpluses 
built up by oil exporters as a 
result of big price increases hi 
2979 and 1980. An oil glut has 
developed since toe middle of 
last year and prices have begun 
to crumble. . - 

The bank said that new bor- 
rowing by members of toe 
Organisation of Petroleum Ex- 
porting Countries (Opec) rose 
to $2.4bn in the Stird guarter 
of last year, from $L3bn in the 
previous three months, while 
their deposits fell by $70Qm. 

Opec countries were also tend- 
ing to put more money imto 
long-term investments which are 
outside the banks end thus do 
not show up to toe statistics, toe 
report saxL 

The report also showed to at 
toe Soviet Union, whose deposits 


fell in toe first half of toe year 
to $3.6bn from $8.6bn, had re- 
plenished its accounts at 
Western banks to $4.5ta by the 
end of September- 

The third quarter upturn 
occurred when Moscow had re- 
smned sefiing sold after 
■jug out of toe market in toe first 
half but this was not mentioned 
in toe report- The BIS bad 
earlier Baked the bfe drawdown 
in Soviet deposits w$to posable 
aid to Potend. 

The report also said that Mos- 
cow’s net indebtedness to the 
Western -banking system in the 
first nine nrontos of toe year 
incr eased by $6bn. Among non- 
Opec countries outride toe 
major Western nations, this was 
exceeded only by Mexico with 
$8.4bsL 

The Soviet Mon’s gross debt 
to the banks stood at $15.4bn 
at the end of September, . -com- 
pared with three monflhs 

earlier and $13.4bn at toe end 
of 1980. 


fhnds wito tite banks in toe tolxd 

quarter, instead of making with- 
drawals as in- toe preceding 
quarter, and they also made less 
new borrowing; the BIS said. 


Eastern Europe, thus .changed 
frwn-lieinganet taker of $3.1bn 
• of funds in the- second quarter 
to being a netsepplrer of $30Qm. 

Foland'rdeposltsSliad risen to 
$S05m at toe end of September 
from $546m three months pre- 
viously, .while its debt was 
barely changed at ;$lA2bu. 
Romania's deports were 9384m 
compared -with ?3X9m add. its 
debt had declined to $4.7bn front 
$5.1fon. ; • 

' . The. BIS figures riwvted. that 
toe big inflows of funds to the - 
banks from Opec 'countries rose ' 
from $3bh in 1976. to $2&9bn . 
in 1979 and. K&Sbn jn ;1980, 
faffing to $4.6bn in toe first 
nine months <rf 1981. ■ • . 


Eastern E u rope an countries, 
as a whole tended to accumulate 


' Outflows to other countries as 
banks recycled toe tonds^fter | 
some delay, were $2t5bn in 
1976, $2S£bn in 1979, $50JBbn in 
1980 and . SSfiffbn in "toe first 
three quarters of last-yea^, : ' ' 
Renter 


INTERNATIONAL APPOINTMENTS 


Investment 
chief for 
Mellon Bank 


• Mr Charles ML Kelso, Jnr, has 
been appointed chief investment 
officer and head of toe institu- 
tional investment management 
division of MELLON BANK'S 
treat and investment department, 
Pittsburgh. He was senior vice- 
president and eastern regional 
manager at Calian Associates, 
San Francisco. 

• Syd. Osman Abdalla El Nazir 
has been appointed managing 
director of KENANA SUGAR 
COMPANY, Khartoum. . He 
replaces Syd. Mohamed Beshir 
El Wagie, who becomes chair- 
man following his appointment 
as Minister of Industry in toe 
Government of toe Demcratic 
Republic of the Sudan. Dr 
Faisal Al-Kazemi continues as 
deputy chairman. 

• Dr David H. Sambar is leaving 
toe SHARJAH GROUP to join 
the Meffiterranee Investors 
Group. Mr Wael El-SOqdadi has 
been appointed managing 
director of toe group. Mr 
El-Miqdadi was formerly 
managing director of Kuwait Oil 
Tanker (UK), London. 

The supervisory board of 
LUFTHANSA has elected Mr 


Heinz Rnhnan, State Secretary 
at the Transport Ministry of toe 
Federal Government, to the air- 
line's executive board as deputy 
chairman from April L On July 
1 be will succeed Dr Herbert 
Culmann, who has been chair- 
man of Lufthansa's five-man 
executive board since 1972, and 
who has asked toe supervisory 
board to be released from office 
on June 30. The post of deputy 
chairman will then be taken over 
by Mr Reinhardt Abraham, 
technical executive board mem- 
ber. 

• BRANIFF INTERNATIONAL 
CORPORATION, Dallas, has 
appointed the president Mr 
Howard D. Putnam as chief 
executive officer also replacing 
Mr John J. Casey, who -will 
remain chairman. Mr Putoem, 
was chief operating officer, but 
that post will not be filled. 

• MET ALLGES ELLS CHAFT 
has appointed Dr Klaus von 
Lin d einer-Wildau and Hr Erik 
D. Menges to the executive beard 
of the Luigi Companies. Dr von 
Llndeiner will have responsi- 
bility for toe finance and 
accounting of the Luigi Group 
and Mr Menges will be respon- 
sible for business development. 

• Mr Thomas W- Tucker has 
been appointed national execu- 
tive-Saudi Arabia, for 
GENERAL ELECTRIC COM- 
PANY of the U.S.'s Middle East- 


African business development 
division. He will be located in 
Riyadh. 

• Mr Robert C. Little has been 
elected to toe newly-created 
position of corporate vice-presi- 
dent-group executive McDON- 
NELL DOUGLAS CORPORA- 
TION, St Louis, and Mr George 
S. Graff has retired as president 
of MCDONNELL AIRCRAFT 
COMPANY. These are two of 
several senior management 
changes which become effective 
on April 1. Mr Donald Malvern, 
presently executive vice-presi- 
dent of McDonnell Aircraft will 
succeed Mr Graff as president 
Mr Harold D. Altis, presently 
McDonnel Douglas corporate 
vice-president-engineering and 
research, will become execu- 
tive vice-president of McDonnell 
Aircraft Mr Marvin D. Marks, 
vice-president-corporate wide 
programme manager-CX, will 
succeed Mr Altis as corporate 
vice-president-engineering and 
research. 

• The BAHRAIN MONETARY 
AGENCY, which is the state's 
central bank, has appointed 
Shaikh Ibrahim Khalifa, al 
Khalifa to the new post of 
assistant to the governor, Mr 
Abdulla Salt Shaikh Khalifa 
was formerly head of banking 
control, and secretary to the 
BMA board. 

• Dr Francis Christe has, been 


appointed general manager of 
SWISS BANK CORPORATION, 
Basle, to succeed toe late Dr BL 
Grob. Dr Georges Blum has 
been promoted to a. central 
manager of the book. 

• Mr J. E. G. Essery is to be 
appointed deputy general 
manager of CSR’s oil and gas 
division, and manag ing d i rector 
Of DELHI PETROLEUM FTY. 
He is currently deputy general 
manager of CSR sugar division, 
will be based in Adelaide, and 
will take up his duties on 
February 15. 

• The N ATIONAL OPTIONS 
SOCIETY, Chicago, has elected 
new officers. Elected president 
was Mr F. Martin Koenig, vice- 
president of Chase Investors 
Management Corporation, New 
York. Mr David D. Holt, presi- 
dent of TL Communication 
Incorporated, Woodland Hills, 
California, has been elected 
communications vice-president. 
Mr Donald R. Harkleroad, a. 
partner in toe law firm 'of 
Lamoa. Elrod and Harkleroad of 
Atlanta, was re-elected admini- 
strative vice-president. Elected 
treasurer was Mr Robert E. 
Kommeis, Jr, assistant vice- 
president and portfolio manager. 
Combined Insurance Company. 
Chicago. Elected secretary was 
Mr R. Sheldon Johnson, vice- 
president of Morgan Stanley and 
Co, New York. 


• Mr Queries L. Norman has 
been appointed chairman of 
HARBOR INSURANCE COM- 
PANY, . Los i Angeies, . and 
PACIFIC INSURANCE COM- 
PANY on February L Mr Edwin 
V. Hughes will succed Mr 
Norman as president and chief 
executive officer of toe com- 
panies'. property and casualty 
insurance operations on that 
da te- Mr- Norman wEU retire 
from toe Harbour on May L 
The companies are part of Fore- 
mark Corporation, a whoHy- 
owned subsidiary of the 
Continental Corporation. ■ 

• At ENTERPRISE COM-. 
PANIESINCMr John V.Melcher 
has been elected vice-chairman 
of toe board and chief financial- 
officer. Mr Harold B. Lee has 
been.' elected. 'executive vice-’ 
president adnumsteation. Mr 
Jotan T. McMahon has been 
elected executive vicepresident 
and general counsel. Mr John L 
Tomerlin has been elected vice- 
president hux&m resources. Mr 
C. B. Van Vrikenhurgh luts been 
elected president . and MrUharies 
J. Roth executive vice-president 
of toe Enterprise Petrochemical 
C o mpa n y. • 


• The board of MONTEDISON, 
Mfhuy co-opted Mr Giorgio Porta 
and -Mr John J. . Sweeney as 
members and subsequently 
.appointed boto of them manag- 
ing directors of .toe company in., 
toe sectors of baric chemicals - . 
mid. fine chemicals; Mr Giorgio 
Baldinl (managing director in . 
charge of legal affairs) and Mr * 
Carle Mario V Gnera. resigned i 
from toe boarcL \- 


• Mr Alfred Fowls, chairman 
and president Noranda Mines,- 
and Mr Charles D. Dickey Jr, 
chairman of Scott Paper Com- 
pany, have joined the BRASCAN 


• Hr Kuto G. Barbertri -IBr- 
• Wlftfam R. Mason, and Mr Peter 
R. . Stiff- have been- named vtee- 
: presidents in the international 
division at INDUSTRIAL 
NATIONAL BANK, Providence, 
Rhode Island. . ' 


■ ---'.r.-.r 


AU of these Securities have h Ben sold. This a^oiwcemewb appears as a matter of record only. 


U.S. $100,000,000 


The Toronto -Dominion Bank 


Floating Rate Debentures Due February 1992 


MORGAN STANLEY INTERNATIONAL 


BANKOF TOKYO INTERNATIONAL 

LimtUxt 


BANQUE NATIONALS DE PARIS 


CONTINENTALILIINOIS 

Limited 


CREDIT SUISSE FIRST BOSTON 

Waited 


VAXlCfflKANCnrO INTERNATIONAL 

Watted 


DEUTSCBEBANR 

dUmget eU s dia tt 


FUJiiNTEJsmriomLFmNcs 

Limited 


MANUFACTURERS HANOVER 


McLEOD TOUNGWEmiNTEmmOWL 

L fm ttrt 


MERRILL LFNCE INTERNATIONAL & CO. 


mudi international bank 

At&nkAJrSeadiAl'AUmd United 


TORONTO DOMmiON INTERNATIONALE ANK 

Limited 


February 11,198$ 


i ^ 




FT INTERNATIONAL BOND SERVICE 


U.S. DOLLAR Change on 

STRAIGHTS Issued Bid OBer day week Yield 

Anheuser-Busch 1BH 88 100 102*. 10Z^ +0B, -OS 15.78 

APS Fin. Co. 17 5 * 88 ... 80 103\ 10tt* +0», -04 15.89 

Armco O/S Fin. 15*. 86 50 98*993,0 -0*« 15.63 

Bank Montreal 15*. 31 150 9«, 100*, +(H. -0V 16^1 

Br. Colum. Hvd. IP, 88 100 101^ 101*. +0*. +0>, 15.78 

Br. Colum. Mle. 17 97 Sa 102** 103>, +0», 0 16.41 

Can. Nat. Rail 91 1«> 933, 33’, +0*a -CK. 1SJ4 

Caterpillar Fin. 16*3 86 TOO 10ZH 10Z 3 * 0 +0H15.W 

CFMP 16V 96 100 101*a102 +04 “O’* 1B-3» 

nRC 16V 91 — 100 1014102 +04 +04 16^2 

Citicorp 0/S 16V 86... ISO 10ZV 1CQ4 +0>. -OV 15.71 
Cities Service 17 88 ... 150 10Z4 103 +04 -04 16JW 
Cons. -Bathurst 174 88 60 10241024 0 -0416-78 

r PC Fin. 10V 88 60 1024 1034 +04 —04 15.73 

Dupont 0/S 144 88 ... 400 964 964 +04 “04 15-29 

E1B 154 88 TOO 1004 1004 +04 “04 18^3 

EIB 16V 91 100 101 1014+04-0416.43 

GMAC 0/S Fin. 164 84 3M 1004 1014 +04 0 15J0 
GuH States 0/S 174 88 60 1034104 +04 -0416.45 

Japan Airlines 15V 83... 50 994 894 0 . —04 15 JO 

Nat. Bk. Canada 164 88 40 1004 1004 O -04 17412 

Net. West 14V 91 100 95V 954 +04 -0415.62 

New Brunswick 17 88 60 1044105 0 -0415.72 

Newfoundland 174 89... 60 1064 1064 +04 -04 15.69 

New & Lab. Hy. 174 89 75 1034104 0 -04 16-31 

Ohio Edison Fin. 174 88 75 1034 1044 +04 +04 16-40 

OKG 154 97 50 974 974 0 0 16.19 

Ontario Hyd. 16 91 (N) 20*» 1004 100", +04 -04 15.88 

Pac. Gas & El. 154 89 80 99 894 +04 +0415.92 

Quebec Hydro 173* 91 150 1034 1044 +04 +04 16.31 

Quebec Province 154 89 150 964 954 +04 “04 16 JO 

Saskatchewan 164 88 100 10041014 0 -0415.97 

Sratsforetep 154 87 50 974 984 0 -04 16.35 

Sweden 144 88 150 9G 934 +04 “04 16.16 

Swed. Ex. end. 164 S3 75 1004 1 +04 -04 1833 

Tenneco Int. 17 89 100 1034 1044 +04 -04 15-96 

Texas Eastern 154 88... 75 S84 994 0 “04 16.12 

Transeanade 17V 88 ... 75 10SV 1064 0 -04 16.12 

Transranada 16 89 ... 100 98 984 0 -0416.37 

Walt Disney 15V 86 ... 100 101V 1024 +04 -04 16.03 

Winnepeg 17 86 50 1034 10«4 0 +04 15.68 

WMC Fin. 154 88 SO 964 964 0 -0416J8 

World Bank 16 88 80 1004 1004 +04 “04 15.84 

World Bank 164 86 ... 130 102.4 103 +04 0 15.54 

World Bank 164 88 ... 100 1014 1024 “04 “04 15-95 

Average price changes... On day +04 on week -04 

DEUTSCHE MARK Change on 

STRAIGHTS Issued Bid Offer day week Yield 

Asian Dev. Bank 10 91 100 99 994 +04 -0410.10 

Asian Dv. Bank 104 89 100 1024 1034 + 04 +0V 10.19 

Australia 94 91 300 884 994 0 -04 9-53 

Belgalectric 11 91 100 10041014 0 -041081 

CECA 10 91 - 120 1004 1004 -04 +04 9.91 

Coun. of Europe 10 91 100 994 1004 -04 -04 9-99 

Coun. of Europe 104 91 100 100V 1014 +04 +04 10.05 ' 

FFC 104 93 100 1004 101 +04 -04 10-00 

EIB 84 90 200 924 924 “04 0 9M1 

FIB 104 91 200 1024 1QZ4 0 -0410.04 

Finland. Rep. Of 104 86 inn 1004 1014 0 +04 10-16 
Inter-American 10 91... 100 994 100V -04 -04 IOjOO 

In ter- American 104 91 100 1004 1014 +04 +04 10.03 

Ireland 104 86 100 TOO 1004 +04 +04 10.04 

Japan Airlines 84 87... IPO 954 864 +04 +04 857 
Midland Int. Fin. 84 90 180 934 944 -04 -04 9-58 

Mt. Bk. Dnmk. 104 91 100 394 1004 0 +04 10A6 

New Zealand 94 89 ... 200 1004 1014 +04 +04 9-60 

0KB 104 91 150 1004101 0 0 9.98 

Ouebec Hydro 104 91 ...‘ 150 102 1024 0 +04 9.97 

Renault Acpt. 104 86 ISO 1004 1004 +04 0 10.66 
Swed. E*. Cred. 104 91 100 994 SSV -04 -04 1032 

World Bank 10 SI 250 1004 1014 -04 +04 934 

Average pries changes... On day 0 on weak 0 

SWISS FRANC Cfemge on 

STRAIGHTS issued Bid Offer day week Yield 

Aeropurt Paris 64 91 ... 60 934 934 0- —04 7J»4 

Asian Dev, Bank 8 90 80 101 1014 +04.-04 7^1 

PiFCE 64 91 100 944 944 0 -04 7J7 

Belgalactric Fin. 74 91 100 1014 1014 +04 +04 7,48 

Bell Canada 74 93 100 1034 1034 -04 -04 630 

Bergen, City 0* 6V 91 40 994 984 0 -04 &80 

Bat. de Autopistas 8 90 50 384 984 -04 -04 SM 

CECA 64 91 80 384 SSV +04 +04 6-95 

Dome Petroleum 54 91 100 92 9Z4 —04 -04 6-96 

Dome Petroleum 74 90 100 1014 1024 -04 -04 552 

Franc. Petroles 84 91... '80 ftp, 984 +04 -04 7J8 

Genstar 7 91 TOO 1014 1014 -04 —04 6.77 

Int. Amer. Dv. Bk. 7 SI TOO 974 974 0 “14 7J8 

I/S Elsam 84 91 60 10Z4 1024 -04 -14 8.09 

Japan Air Linas 74 91 ICO KJ2V 103 -04 -04 6.83 
Neder. Gasunle 8 91... TOO 1054106 -04 — 04 7.13 

OKB 7 93 TOO 984 984 +04 -04 7-18 

0KB 74 91 100 1004 1004 +04 +04 7.21 

Oslo. City of 8 91 100 1044 10P, +04 -04 7J9 

Saint Etienne 84 91 ... 20 io«4 TOP, +04 -04 7-80 

Swed. E*. Credit 74 91 75 198 97 -04 —TV 7.79 

TNT O/S Fin. 8 91 80 1034104 0 -04 7.42 

Unilever NV 74 93 1QO 1044 1044 O -04 6.91 

World Bank 6 91 100 90S 904 -14 -14 7.47 

World Bank 7 90 100 99 994 0 +04 7.14 

World Bank 8 91 ICO 1034 1034 —04 -04 7.51 

Average price changes... On day -04 00 weak -04 

Change «i 

YEN STRAIGHTS Issued Bid Offer day week Yield 

Aslan Dev. Bk. 84 91 15 984 894 -04 +04 8AZ 

Australia 64 88 20 904 91V +04 +04 859 

EfB 7V 89 12 964 974 ”04 “14 83Z 

Finland, Hep. of 84 87 15 984 994 -04 +04 857 

Int.-Amer. Dev. 84 91 15 1014 1024 -04 0 859 

New Zealand 84 87 ... 15 994 1004 -04 —04 856 

Average price changes... On day -04 on week -04 ' 


Change on 

CTTTCT STRAIGHTS Issued Bid Offer day week Yield 
Can. Utilities 17 86 CS SO 1974 974 0 -0417^7 

Federal Dev. 17V 86 CS 40 +1014 1024 0 -04 17J01 

GMAC (Can.) 18 87 CS 60 f10441054 0 -0416.08 

Pan Canadian 164 88 CS 66 197 974 O -0417.17 

Queb. Urban 164 88 CS 20 +100 101 O 0 T&54 

Raynat 174 86 CS 40 110041014 . 0 +041658 

Tordom Cpn. 13488 CS 30 fS3 94 . 0 .'+041&14 
M. Bk. Dnmk. 9 91 EDA 2ft 854 884 -04 +04.11:39 

SOF7E 84 89 EUA . 40 774 78V O -04 13.10 

U. Bk. Nwy. 94 90 EUA 18 *14 924 © +04 11.02 

Algemene Bk. 10486 FI 60 . • 97*, 964 +04 +04 1054 
Amfas Group 124 86 FI 40 1024 KB —04 +04 11.43 

Amro Bank 12 88.R _ 75. 10141024 0 +0411-39 

Amro Bank 12 86 F? ... .60 1014 10Z4 +04 +04 11.39 

Hainekee NV 10 87 R_ 100 - 964 98V -04 -04 1052 

Pierapn 104 86. FI SO 974 974 0 0 1154 

Rabobank 12 86 FI SO 1014102 .-04+041152 

. Air France 144 86 FFr_, 200 95 96 +04 +141650 

Bk. America 144 8* R=r 290. ' 83V 944 0 +.1 1653 

Charb'napas 134 85 FFr 400 *44 964 +04 +14 1556 

EIB 144 88 PFr 300 914 99, 0 +14 1652 

La Redoute -144 96 F+r 125 *14 924 +04 +04 175+ 

OKB 14 86 FFr 400 .934 944 +04 +14 16.00 

Sohrey er e. 1«4 86 PFr 200 944 *54 -0 +2 16 AS 

Swed. E Cr. 144 86 FFr 260 9«V 954 +14 +14 1953 

U. Max. Sts. -1* 95 PFr ISO 924 934 +.04. +1 1659 

Acona 14 85 £ 20 1 • *14 924 O +04 17.01 

Beneficial 144 90 £ 20 844 86V 0 0 17.63 

BNP 134 91 £ TS 654 864 -04 +141657 

CECA 134 88 £ 20 89 90 -04-04 16.12 

Citicorp O/S 134 90 £ SO 894 904 -04 +04 1B.72 

Rn. Ex. Cred. 134 88 £ 16 904 914 -04 +041855 

S en. Elec. Co. 124 89 £ 50 854 864-04+041558 

iram Walker 144 88 E 26 934 944 —04 +04 1650 

Privatbankan 144 88 £ 12 894 904 0 -04 1751 

J. Rothschild 144 90 £ 12 92*, 334 O +0415.65 

Royal Tnratco 14 86 • ' %Z 934 944 0- +04.16.11 

Swed. Ex. Cr. 134 86 £ 20 82 93 0 +041657 

Akzo 94 87 LuxFr 500 874“ 884 0 +14.1253 

Euratom SV 88 LuxFr ... BOO" 874 88V O .0 1252 

Eurofime 104 87 LuxFr 900 *24 934 0 0 1258 

EIB 94 88 -LuxFr 600 894 904 0 +04 122* 

Volvo 9V 87 LuxFr ...... 500 874 884 0 +141252 

FLOATING RATE 

NOTES Spread Bid Offer C.dte C.con C.yld 

Bank of Montraef 54 90 04 9S4 994 18/6 1*4 . 1*5* 
Bank of Montreal 5V 91 CP, 994 994 29/4 17.08 17.15 
Bank of Tokyo 64 *1 ... 04 *94 894 10/8. 134 1350. 

Bk. Nova Scotia 54 93 (>4 394 99429/* 1756 17.13 

BBL Int. 5 88 ...: 04 994 99V 20/5 134 1257 

BFCE 54 88 04 994 100 26/* 165* .1858 

BFCE 54 *7 04 . 994 100 27/7 164 1659 

Christiania Bk. 54 91... .*04 99 994 5/5 16 16.12 

Co-Ban Eorofih-54 VT... 04 -984’ 99 14/4' -W.»' 1650' 
Dan Norsks Cred. 54 93 04 974 97V 4/6 1355 1359 

GerrfT nance 54 92 04 .994 99430/6 154 "15.68 

Giro und Bank 54 91 ... *04 994 994 23/3 14.06 T.4.15 

GZB 54 92 t04 98V 994 5/3 134 13 W 

Ind. Bank Japan 54 88 04 984 984 9/5 1351 13.46 

Uovds Eurofln 54 93 ... §04 994 99429/4.17.13 17.19 

LTCB Japan 54 89 04 99 99416/7 1551 1553 

Midland int. "Bn. 9 91 (H, 994 W04 30/4 1706 1758 ' 
Nacional fin. 54 88 ... 04 1974 974 25/3.1751 17.78 
Nat. Bk. Canada 54 88 04 994100 24/3 1751 1758 

Nat. West. Fin. 54 91... 604 99 99416/7 15.19 1550 

Nat- West. Rn. 54 92... |04 994100 23/4 17 17.04 

No-dfc Int.’Fin. S4 91..." 04' 984 994 6/5 154 155b 

Offshore Mining 54 91 tP, 9B4 984 2/6 13 - T33Z 

Pemex 6 91 ; — 04 974 974 8/4 17 TTM 

PKbanken 5 91 04 884 99417/8 144 "VUSt 

Sanvre Int. Ftn.^54 88_. 04 1994100 2A/3 174 1759 
ScotlBnd Int. 54 "92..... 04 984. 994 23/31 1354 14i1B' 

See. Pacific 54 ri 04 984 984 24/5 134 13jS3 

Sodeta. Generals 54 91 04 99. ..99422/7 164 -4557' 
Standard Cfwrt 54. 9T O*, *74 98478/5 135113^7. 
Sumitomo Rn. 54 88... 04 98 934 9/9 '16 18.12'- 

Average price change*... On day 0 on week -04 - : 

CONVERTIBLE . Cnv. Cnv. ■ Chg. .• . • 

BONDS - date price Bid Offer dev - Vrenr L ' 

Alinomote 54 98 7/81 933 944 95V -* 

Bow VaHey Inv. 8 95 ... 4/81 23.12 954 97 +04 49.es 

Canon 64 95 1/81 829 W5V107V -14 4^3 : 

Daiwa Secs. 54 96 12/81 *135 772 74 —1 -Srra ; 

Fujitsu Fanuc *4 96 —10^1 5770 1094 1094 -04 *70. 
Furukawa Bac. 54 86... 7/81 300 1154 1154 —54 —751 ■ 
Hanson O/S Fin. 94 96 8/81 - 2.74 f®. 90 

Hitachl Cable B4 96. 2/82 615 IOTA 1024 — jr — Vjg 

HRaehl Cred. Cpn. 5 98 7/81 1773. -180 82 —24 353 - 

Inchcape 8 95 2/81 455 «* 664 +04 135T* ' 

Kewesakl 54 96 8/81 229 175 784 -TV gay. 

Maral 6 7/8T 931 10141^,-14 io,tb : 

Matsushita B. 74.86 ...11/80 590 186 884-04 . 4 w:. 

Minolta Camera 5 96 ~10/5n 909- 70 714 -04 -njSR 

Minoroo-SV 97 5/82 8.18 96 954 i> ■" 7 4* 

Murats 5V 96 7/BI 2190 T73V 75" -24 «'u 

NKK 64 SB 7/81 188 1864 91 -24 -ISt 

Nippon ClwnH-C. 5 81 ...10/91 919 72 74 . 0 
Nippon aaetric 54 SD... 2/82 846 HO0\ 1MV -2V -053 
Orient Finance 54 97 r . 3/82 1567 1694 *1 -24 452 

Sanyo Electric 5 9B^.:.,10/81 952 754 78 -TV 7* 

Sumitomo Met. 54 96—10/81 305 176 774 -14 *5i 

Swiss Bk. Cpn. 64 90... 9/80 191 172 74 0 

Teyfar Woodrow 84.90 1/81 45* «5 88 0 

fConlshiroktl 6 90 DM ... 2/82 585 fiteV 10M. 

Mitsubishi H. 6 89 DM 2/82 263 M4T0B4-S fj* 

OTTia nnandBl Timw Ltd.. 1882. teproductlon In whote 
or in '[V afy foirn rrm permlttad without written ’ 
consent. Date auppUed by DATASTHEAH IpwrnrtomrfV •. 


EUROBOND TURNOVER 

- (nominal yalne ItLln) 1 


Cede! 


Ebro-. 

clear' 


7" 


U^. $ bonds 

Last week....:.- 6.50L3 11467^ 
Previous week 4JS4SJ3: 

Other boqds . . ^ ;{\ 

Last week. 760 J) 441M 

Previous week -945.fi 


No* information avrilfibleV^' 
previous dayVprice. 


: .f Only one market maker^ 
» . supplied a price. 


. STRAIGHT B0ND£: The yield 
is toe yield to redemption of 
the mid-price; toe. amount issued 
is in millions of currency ■ units 
except, .for Yen ; bonds where 
it is in. billions.. Change, on 
week= Change over price a, week 
earlier: -1 ~ / . - • r."-j • 


FLOATING RATE NOTES: . 
penominated in ■ dollars - tmlesp 
- otherwise . indicated. : . Coxpon ; 
shown is roipiminn. C-dte=Jterte - 
next coupon becomes effective. 
Spread = Martin above six-month 
offered rate ." (t-three- months 
§ above ,-meah rate) -. for 
dollarsr: C.cpn = The carreBjt 
coupon, . CLy Id == The earrertt ' 
yield, 


CONVERTIBLE BOi^DS: - De- 
ll oihina ted in ■ .doUaire ' unless 
otherwise indicated. : 'Uhg.-aay= .. 
Change nn.day. Cnv. date=First : 
date, -for conversion -into" sfiatfBs. 
Cnv. price=Nominal amount of_ 
bond per- share express^! to 
currency of share at conversion 
rate: fixed at Ispiife' : Prem=Pep- 
.centage premmm -of- tfie 0 ci^rent 
effective .-Rgce ‘of. accpnring 
shares' via-The bond OYer 'fbe 
most recent price of theahaaes^.-.; 

The: list shows , the 300 T&dert' 
international _ bonds, jfor.wbi^ 
ah adequate "secondary market 
exists.. T66 prices over thfr past* 
week were supplied byr Kredlet- 
bsn^m; Cr^t.C(»jflMTcifd de 
France; Credit Lyonnais; Com- 
; merylvanV - AGj IfeutSChe " Bank- 

. isy* . 

. Girazeatrate;," Banqro Genfetafe - 
.flu- . ; Lrixemboarg. GAti. B& Oqtte 
' Inte rnatianri h : Luxembourg; 

K r.ejii ha hk:LBKemhote^ 
Algemene Bank . 

Pierson, Heldring -and -PiaspH; 
Credit Suisse/SwisrCSeffit •; 
Union Bank of Switzeri apdi ' - 
Akroyd and '.SmShnrs; . jBaBters 
,Trosr internaticm?h: ' 

mod#, de -Zram*. (Seczimtes) 
Londito; ; Cftiaup International 
Bank; DaiwhlStrropfc 
SecBritfes* 'BSC; .ftrst , 

. Chicago; . Goldman Satto 
nationri - G&rporatiop;, 
-Bm^IBJtteteniational^ SSOder- 
-Peabody Atemational; • MdnnffiC' 
•tmara Btaffftei: Merrill 
■ Morgan _^Ststnley. International; 

arothera 

Finanite 

Warfrarg%nd C*^ Wood • 




i 

■ I 



board, Tnronft^ Mr Ted 
¥reeman»Attvmod. .and- - St 
ImUain Brlssmden retired from, 
the boartt .. 

- •"Mr Sol Seltzer and Mr Howard 
L. Waltman have, resigned ^ * 
directora of.. BRADFORD - 
NATIONAL CORPC»ATiaN, 
New Yorit. Ihey were- senior ' 
officers in charge of toe com- 
pany's systems .and administra- 
tive services divisions which 
were, sold to MciDonneli Dofelas . 
Company, - a . subsidiary of I 
MjcDonneQ .Douglas- Corporation. J. 
They have become officers and ■ 
■directors- of McAoto System* 
Group Incorporated, * subsidiary . ( 
of- - McDonnell . : Douglas I 
'Automation .' V . “ ' ’ 1 


fcarS atm 




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• ;•->. ! 


JSnaacial Times Monday February .15 1982 




““^P 0 F ? m I!!? ! any te^fy other than the U fltod Kingdom may treat the same as constituting an Invitation to him. nor should he In any 
l ®'^ | yt»madeto^or»uc^Rc^ c oufcJl*wtiilly»»ti£^wimomcomp«ance«miiafTymgl»tr»tionorothfiJ 
lwrtoiv ou ^ e *•* ^ngdom wishing to make an application hereunder to satisfy himseH as to fuB observance of the tews of the relevant 

lermory m connection therewith, including obtaining any governmental or other consents which may be required and observing any other formalities needing to be observed to such territory. 

Thb OforferSale tndudes particulars qwen in compfanca w»m lhe 


of the Council oTThe Stock B 
re to ensure tfwithfltaas staled her an are 

,, - - ----^ 1 l ^P®'®? s ? ,v 2 ccw, * n 9 , V A PP , ' caoonhast » eflm «tetothBCaunQlofThoSla*Ei'Changelorfte 
to the O&cial Lot. Coptasoj Ms Oiler tor Safe together with the documents speoted toren l han beendaftwrad so he 






taregtsfffflon. 


’ • • .*■ 

Amersham International 


public limited company 


T ' - JV. •% 

- *y 

" jV 


r. 


Offer for Sale 


by 




of up to 

50,000,000 Ordinary shares of 25p each at142p per share 
of which 44,860,000 Ordinary shares are owned by 

’ j ’ 

The Secretary of State for Energy 


&Coi Limited 


-• --i- 


The Ordinary shares now offered for sale rank in full for all dividends hereafter declared or paid on the Ordinary share capita! of Amersham. 
The Application List will open at 10 ajn. on Thursday, 18th February 1982 and may be closed at any time thereafter. The procedure for application 

is set out at the end of this Oner for Sale. 


Key Information 

The following information is derived from, and should be read in conjunction 
with, the full text of the Offer for Sale. 

nature of Business 

Amersham is engaged in the devetopmentmanufactureand safe of radioactive 
materials for use in medicine, research and industry. 

Tracing Record 

Amersham ’s consolidated results, taken tom the Accountants’ Report, are 
surnmarisedbeJow: ' . ■ - • 

■ ■ • ■ ■ before 

■ Turnover taxation 

£”000 £”000 


Years ended 31st March, . . 

1977— ; — — : — : ' 21 

1978 - ; • 32 

1979 — ! -- 37 

1980 ; __ — ; ■ 41 

1981 ; : ; ; 48 

Six months ended 30th September, 1981 — — . — . — .30 

Forecasts for the Year Ending 31st March, 1982 

Profit before taxation , — ■ 1 — . 

Profit before taxation, restated as ifihe shares now being issued for 
cash had been issued on 1st April, 1981 - 

Earnings attributable to Ordinafy shareholders (actual tax) 

Restated earnings attributable to Ordinary shareholders (actual tax) 

Restated earnings per share (actual tax) — * 

Restated earnings pershare (after notional full tax charge) 

Aggregate dividends per share (excluding the associated tax credit) 
Cover for forecast dividends based on restated earnings per share 
(full tax) : 

Offer for Sale Statistics at Offer Price 

pfterprfce . .. — ■ - ■■■ •— ■ — 

Market capitalisation — — 

Adjusted net tangible assets. — 

Price/earnings multiple based on the restated forecast earnings per 
share for the year ending 31st March, 1982: 
after actual tax charge (12.4p per share) ■ — — — — 

after notional foil taxcharge (7.5p pershare) — ~ — — • 

Gross dividend yield on the basis of forecast gross dhtfcfencfc.of 
5 p {including the associated tax credit at the current rate) for the 
year ending 31stMarch,-1982- — — - — ■ — 

Introduction 


21,483. 

32,722 

37,825 

41,576 

48.531 

30,345 


4.897 

6,656 

6,014 

4,011 

4,079 

3,867 


. £8.3 million 

£5.0 million 
•• £5.5 million 
£6.2 million 


2.1 times 

142p • 

£71 million 
£34.8million 


11.5 times 
185 times 


35 per cent 


active materials to manufacture a wide range at specialist procuas tcx use m noept^s, 
research laboratories and industry worldwide. Amersham's reputation ireste on toe quality of its 
products and technical service and on its abifity to deliver these products to theus sr^m nly 
reliably and safely wherever he may be. Amersham currently 
radioactive products to growing markets and is one qf the leading manufacturers in its nad. It 
has received The Queen’s Award for Export Achievement three tones, nTOStrecenfy irvl 979. 
■ The turnover of Amersham and its subsiSaries (“the Group ’) m toe, year ended 31st March, 
1981 was £48.5 million, over 80 per cent, of which was overseas. The Group employs more 
than 2,000 people, of whom over 500 work for the overseas substtfianes. 

Amersham^ business has its origins in a small laboratory a! Amersham, Buckingham- 
shire which was established in 1940 to refine radium for the nranufedure of selWuminous 
paints used in navigational and other instruments. In 1946 it cane ^^^ownership.Since 

formed part ofthe operations of the United Kingdom Atomic Energy Authority ( UKAEAO.By 

also iced torsferto the Company^ business before tttstransto 


pro&icfiixrfadfities and Its overseas distribution network, ■ ^ 

Bv the earN 1970s, demand for fteGroupfcproduete had grtwvn to such an extent that 

the hoard miH foresee the expansion of production facilities at lhe Company^ Amersham 

sndthflshrvtmeof suitablestaffin the tocaiitw As a result. 


commenced foB-scale production towards the end of 1980. 

sk^er representation was required. In thatyear aUnitedStotre 
company, Amershdm/Searle Corporation, was set ^ 

comoanuG D Searfe & Go.Inc.,to market Amersham^products m the United States, Canada. 
andSal'and South Amafca. Amersham initially held SO par cenLof the new company In 


Share Capital 


Authorised 

£1 5,000,000 rn 60,000,000 Ordinary shares of 25p each £1 2,500,000 

£1 in one Special Rights Preference share of £1 £1 

The rights attaching to the Special Rights Preference share, which is being 
retained by the Secretary of State for Energy, are designed to protect the s tatus of 
Amersham as an independent company. A general description of these rights is given 
in the section entitled The Offer for Sale. They are more fully summarised in para- 
graph 3(b) of Statutory and General Information below 

. Borrowings 

Save for the items disclosed in paragraph 2 of Statutory and General Informa- 
tion, which, including capitalised leases, amounted to approximately £13.5 million, 
and save for intra-Group indebtedness, neither Amersham nor any of rts subsidiaries 
had outstanding at 15th January 1982 any loan capital issued (or created but 
unissued), other borrowings or indebtedness in the nature of borrowing, or liabilities 
under acceptances (other than in respect of normal trade bills) or acceptance credits, 
hire purchase commitments or guarantees or other material contingent liabilities. 


Issued and now being 


January 1977Amersham purchased toe othershanes in Amersham/Searfe Corporation, which 
was subsequently renamed Amersham Corporation. 

In 1971, continued growth in sales to the Federal Republic of Germany fed Amersham to 
set up a subsidiary in the country also, Amersham Buchler GmbH & Co. KG (“Amersham 
Bu chler"), in conjunction with Buchler & Co., which had been Amersham^ distributor there 
since 1961. Amersham owns 60 per cent of Amersham Buchler. 

In the last ten years. Amersham has continued its policy of obtaining more direct control 
of overseas marketing and distribution by forming subsidiaries to take over the activities of 
distributors in the more Important export markets. In addition to its United States and German 
operations, the Group now operates cfirectiy in France, Belgium, the Netherlands, Australia 
and, most recently Japan. .... 

The Offer for Sale 

-The Atomic Energy (Miscellaneous Provisions) Act 1981, which received toe royal 
assent In July 1981 .confers on HM Government toe power to dispose of the whole of toe share 
'capital of Amersham. In October 1981, in preparation for the Offer for Sale, the entire share 
capital was transferred from toe UKAEA into the direct ownership of HM Government On 
22nd December, 1981 HM Government announced their intention to offer Am ershamS equity 
share capital to the public by means of an Offer for Sale in order that it might develop as an 


HM Government are now disposing of the whole of toe Ordinary share capital of 
Amersham. This Offer for Sale incfejges all the Ordinary shares which HM Government will 
own following the capitalisation Issue referred to below (other than shares bwtg made 
available to employees under the arrangements referred to in paragraph 7 of Statutory and 
GeneraMnformation) together with new Ordinary shares to be issued for cash by Amersham to 
N. M. Rothschild & Sons limited and Morgan Grenfelt & Co. Limited. 

In support of HM Government's expressed desire for the continuing independence of 
Amersham, toe Articles of Association contain provisions which are designed to prevent any 
one person or connected group from having an interest in 15 per cent or more of the voting 
share capital to tssue. The capita] of Amersham indudes one Special Rights Preference 
share of £1 (“Special shaife”) which, following the Offer tor Sale, HM Government win retain. 
The rights attaching to toe Special share wiH ensure that the abifity of voting shareholders to 
vary such provisions, should they so wish, will be subject to the consent of HM Government as 
the holder of the Special share. The Special share may only be held by or on behalf of a 
Minister of the Crown and is redeemable at par at HM Government's option on or after 31st 
March, 1988. The Special share confers no general right to vote at, meetings of shareholders 
nor ary right to appoint directors, since it is not HM Goverrimentis wish to influence the 
conduct of Amersham’S business.Further details of the provisions ofthe Artxdesof Association 
and of the rights attaching to the Special share are set out in paragraph 3 of Statutory and 
General Information. 

Five percent of Amenshamfc isSuedOrriinary share capital foltowirig toe OfferforSate, 
being 2,500,000 shares, is reserved for employees. Of this number a maximum of 272,125 
Ordinary shares will be offered free for the benefit of employees by HM Government under the 
special arrangements described in paragraph 7 of Statutory and General information. The 
balance, together with any shares in respect of which such offers are not accepted, win be 
reserved for application by employ eeSwAhy reserved shares not taken up by employees wiB 
be available for public, applications. 

In relation to the sale of publicly owned assets by HM Government, toe Labour 
Party Conference in October 1979 passed a resolution which called upon toe Parlia- 
mentary Labour Party “to declare that any activities hived off wiB be taken into public 
ownership by the next Labour Govemmertwltooutcompensation n « 

Business 

Scientific background - 

The atomic nucleus of any chemical element consists of neutrons and protons, toe 
number of protons determining toe chemical properties of toe ejpment Most elements exist In 
two or more forms depending on toe number of neutrons to their nuclear structure, whilst 
remaining identical in their chemical properties. Such variants are known as isotopes. Only a 
relatively small number of toe possible combinations of neutrons and protons are stable. 
Those that arenot stable undergo spontaneous transformation, accompanied by the emission 
of nuclear partcles and othe r ra tf at i on at rates which dedtoe over tfrne.These are known as 
radioactive isotopes or radioisotopes. 

There exists a number of industriai and medical applications, such as radfotoerarc 
which are based on the specific properties of the racfiaffon associated with particular radio- 
isotopes. However, toe importance of racBolsotopes to Amershantfs business lies in the fact 
that they behave chemically in the.same way as toe corresponding stable isotopes but, due to 
their radioactivity; are detectable by appropriate' instruments, such as gamma cameras or 
scintillation counters/Consequentiy a substance toco rpo rating the appropriate radioisotopes 
may undergo both physical and chemical changes yet remain detectable and identifiable. 
This gives rise to a wide range of uses for radioisotopes in carrying out chemical research and 
medical diagnosis. 

The rate of radioactive decay and the properties of the emitted radiation are factors 
unque to each radioisotope with considerable variations between radioisotopes: Great selec- 
tivity is therefore necessary in order to make full commercial use of radioactivity. Although afew 


Directors 

Chairman Director of 

Sir John McGregor HHI PhD.FRS, United Kingdom Operations 

FlnstP, FinstEn Jeremy Stevenson BSc.FRSC 

Dominic House, Sud brook Lane, 67 Willow Crescent West, 

Petersham, Richmond, Surrey Willowbank, Uxbridge, Middlesex 


Group Managing Director and 
Chief Executive 

Joseph Stuart Burgess PhD,FRSC 
20 Amersham Hill Gardens, 

High Wycombe, Buckinghamshire 

Deputy Managing Director 
Charles Chariton Evans PhD 
Wmdyridge, 34 Stubbs Wood, 

Chesham Bois, Buckinghamshire 

Director of Finance 

William Hany Ellaby FCA.1 Pines Close, 

Amersham, Buckinghamshire 

Director of Commercial Operations 
Alistair Matthew Hamilton BSc, FPS 
Oak Gables, 11 Beechwood Road, 
Beaconsfield, Buckinghamshire 


Merchant Bank advising the 
Secretary of State for Energy 
N. M. Rothschild & Sons Limited, 

New Court, St SwithirVs Lane, 

London EC4 

Merchant Bank advising Amersham 
Morgan Grenfell & Co. Limited, 

23 Great Winchester Street, 

London EG2 

Stockbrokers 

Cazenove & Co., 12 Tokenhouse Yarn, 
London EC2 and The Stock Exchange 

Solicitors to Amersham 
Unklaters & Paines, Barrington House, 
59-67 Gresham Street, London EC2 

Solicitors to the Offer for Sale 
Slaughter and May, 

35 BasinghaQ Street, London EC2 


Non-executive Directors 
Arnold MUIman Allen CBE 
Duntish Cottage, Duntish, 

Dorchester, Dorset 

■ Cecil Miles Beddow FCA 
Flat 8, One Princes Gate, London SW7 

Derek Hair Pringle CBE, PhD, FInstR 
FRSE 

Lochin ver House, 75 Trinity Road, 
Edinburgh 

Secretary and 
Registered Office 

Alan Youd, White Lion Road, 
Amersham, Buckinghamshire HP7 9LL 


Auditors and Reporting 
Accountants 
Coopers & Lybrand, 

. Chartered Accountants, Abacus House, 
Gutter Lane, Cheapside, London EC2 

Principal Bankers 

Lloyds Bank Rc, 8 Sycamore Road, 

Amersham, Buckinghamshire 

and 

Northern Trust-Company 
38 Lombard Street, London EC3 

Registrars and Transfer Office 
Lloyds Bank Pic, Registrar’s Department, 
Goring- by-Sea, Worthing, West Sussex 

Receiving Bankers 
National Westminster Bank PLC, 

New Issues Department, 

PO Box No.79, Drapers Gardens, 

12 Throgmorton Avenue, 

London EC2P2BD 


radioisotopes are obtainable from natural sources, most have to be manufactured artificially 
by irradiating appropriate substances with nuclear particles in, for example, a nuclear reactor 
ora cyclotron. 

Products 

Amersham 'S products are used to diagnose and treat disease, to advance man’s 
knowledge of living systems and as key components in a wide range of -industriai processes, 
and control systems. During the six months ended 30th September, 1981 the proportion of 
turnover (which was broadly in fine with toe proportions experienced during the preceding 
twoyeare) attributable to each of these three main categories.medicaJ, research and industrial 
was as follows: % ■ 

Medea! products 49 

Rnfiflatrn pmfh ifte 34 

Industrial products 17 

100 

As most of Amersham’s research products are for the use of researchers In medicine 
and related sciences, over 75 per cent of turnover is of products used either cUrecfr or 
indirectly to the field of health care. 3 

Medical products. 

Amersham^ medical products are used primarily in diagnosis and are divided between 
ractopharmaceuticaJs and clinical reagents. Amersham also supples materials for use in 
radiotherapy in which toe patient receives radialion treatment, normally for malignantdiseases. 

Radiopharma ceuticais 

Amersham manufactures radiopharmaceuficals which are used in toe to vivo diaepostic 
procedure known as nuclear imaging.They are given to the patient by mouth or injectioaThe 
distribution of the radioisotopes wtfriin the pafientb body may then be monitored tw means of 
a gamma camera enabling physiological measurement of the flow and volume of body fluids 
and the detection of abnormalities in various organs. Nuclear imaging produces scans which 

can make thedfagrvssofcertato diseases more efficient andcomplete than other procedures. 

Radioisotopes for use in to vivo diagnosis must be weak in terms of the radiation emitted 

and must dear the body quickly One of the few isotopes to meet these criteria is technetium- 

99m. Radiopharmaceuticals based on this isotope offer valuable diagnostic information for 
bone, liver and lung investigations. Other important radiopharmaceutical products indude 
thallium-201 and rodinated fibrinogen; Amersham supplies both in vials ready for intravenous 
injection, the former for the diagnosis of heart disease and toe latter for the detection of post- 
operative thrombosis. . 

Because of their rapid rate of radioactive decay many.of these products have a useful 
life measured only in days. This means that great importance is attached to the speed and 
efficiency of the Groups distribution system. - ' - 


( 

h 

f 

t 

t 

t 

E 

I 

i 

t 

1 

S 

l 

t 


24 


Amersham International 


continued 


farther in creases in production. Additional warehouse expansion is planned but the existing 
facilities there have adequate production capacity in the medium term. 

AtGlouoester asmaH staff is engaged in the production of non-radkTactiveconw^fe 


Clinical reagents 

The clinical reagents manufactured by Amersham are used In m vfaodiagnass.Thfe is 
a rapid iy exp anding area of application for radioisotopes in medical diagnosis and involves no 
aorrurnstraton of radioactivity to the patient, instead, samples of body fluids are examined in 
tne laboratory by ratfioimmunoassay. a clinical technique which offers extremely high sensrti- 
yjW selectivity through the combined use of radioactivity and immunological reactions. 

u »ng mis procedure it is possible to measure in only one drop of a patient's blood components, 
such as protein hormones, present in minute amounts, and to do so routinely quickly ami 
accurately. 

Amersham markets some thirty diagnostic kits based on this principle. In obstetrics and 
gynaecology they are used for obtaining biochemical data on which the treatment of infertility 
£ based, for determining foetal status and for identifying high risk pregnandes.They are used . 
for the assessment of thyroid status, as controls in toe management- of tong term thyroid 
disorders, for classifying common anaemias and for regulating toe drug regime in epilepsy - 
.and diabetes. 


for use in clinical reagents and diagnostic kits. The production carried out by. Amersham s 
e United States and toe Federal Republic of Germany consists mostly or 


subsidiaries in toe - 

finishing products manufactured in the United Kingdom but also includes some manufacture 
to meet local needs. 

Amersham uses sole suppliersfbrsome of its principal raw materials. However, aRernaf- 
Jv© sources of supply are available,- although they are in some cases Urnitea given me 
specialised nature of many of these materials. 


'Research products 

Amersham manufactures a wide range of products foe the, use of researchers rn 
medicine, biochemistry, agriculture and the physical sciences. Fbr toe most part these are in • 
-toe form of “labelled compounds", which are chemicals, such as amino adds, in which radio- 
active atoms have been substituted for non-radioactive atoms.These can then be used as 
tracers in toe study of complex reactions and biological processes. Their use has yielded 
considerable information to scientists about the metabolism of living cells and toe genetic 
materials which they contain. They are essential and widely used tods in research in the 
general field of molecular biology 

The four main isotopes involved are carbon-14, iritium (radioactive hydrogen), 
sulphur-35 and phosphorus-32. Amersham believes that it is toe world’s leading supplier of 
sulphur-35 methionine, a labelled amino add which is considered an essential tool in increas- 
ing understanding and knowledge of protein synthesis and toe precise functions of different 
proteins in celts. Its development of a new range of phosphorus-32 products, offering higher 
radioactive concentrations whilst retaining toe high quality; biological activity and stability of 
earlier products, has enabled Amersham to consolidate its position as a leading supplier of 
radiocnemicals for molecular biology 

Amersham maintains a supply of over 1,500 labelled compounds and in addition offers 
its customers a preparation service providing research chemicals tailored to their specific 
requirements. Amersham is independent of any of the major pharmaceutical companies and 
is, therefore, well placed to provide a confidential service to customers in that industry for toe 
assessment of toe properties and effects of new drugs. 

Success in these markets, which have continually changing technical requirements, 
depends on creating dose Finks with toe research community Amersham is widely recognised 
by biological scientists as a technical leader in this field and is respected for its high standards 
of quality and service. 

Industrial products 

Amersham currentiy has over 600 specialised products used as radiation sources in 
industry These contain radioisotopes in forms from which toe required radiation is emitted - 
while the radioactive material itself remains securely fixed and resistant to mechanical or 
chemical damage.The form that the source takes depends on many factors including the type 
and energy of radiation required as well as the purpose of toe equipment for which toe source . 
is intended. 

Radioisotopes are used in- industrial gauges for measuring toe thickness of sheet - 
materials and coatings, in smoke detectors, in devices for eliminating static electricity, for weld 


analysis and for a wide range of applications in process controt.The comparatively long life 
i that here, as distinct from Amersham’s other markets, the frequency 


of the products means 
of replacement buying is fowl. 


Product development 

Amersham’s future depends on maintaining a flow of new products .fo meet toe 
- changing needs of its customers, particularly in the fields of health care and scientific research 
where toe pace of change is greatest Group policy is to invest in product innovation and 
process improvement at a level (currently over 7 per cent, of its sales revenue) which is 
designed to enable it to retain and enhance its market position. Most of toe Group's research 
work is carried out at Amersham and out of the total of 157 employees engaged full time on 
research and development, 91 are graduates and, of those, 57 hold post-graduate qualifica- 
tions. These are mostly chemists and biochemists but include a number of other specialists 
such as physicists and metallurgists. 

The main developments in toe medical field have been in response fo toe major new 
market for diagnostic krts based on radioimmunoassay techniques. Amersham launched toe 
world’s first commercial radioimmunoassay kit in 1965. Since 1965, the development of new 
and improved kits has continued and this business has grown to such an extent that these pro- 
ducts currentiy contribute almost one third of total Group sales. In the five years ended 31st 
March, 1981, 21 new or improved radioimmunoassay kits were launched. At the same time, 
work on radiopharmaceuticals for in vivo diagnosis has continued, the main recent develop- 
ment bang toe successful production of toaltium-201 using Amersham’s cyclotron. 

In toe field of research products much of toe work is aimed at extending toe product 
range (during the year ended 31st March.1981 70 new products were added to the research 
chemicals catalogue) and improving product specifications. Full use is made of up to date 
methods of analysis and chemical separation procedures such as high performance liquid 
chromatography The current emphasis is on products, both radioactive and non-racSa active, 
for applications in molecular biology including recombinant DNA work. 

Development work on industrial products is concentrated on improving processing 
techniques and product specifications. 

Future developments will continue fo rely on toe maintenance of a dose association 
and continual dialogue between toe Group’s staff, and users in toe forefront of research and 
on good market intelligence, dear product definition and an efficient development system. 
Amersham recognises thatmany new technologies, such as monoclonal antibody production, 
recombinant DNA and non-radioactive methods of immunoassay are likely to assume a 
growing importance in toe Group's fields of interest An increasing proportion of toe Group's 
growing research expenditure is being committed to toe exploration of these new areas of 
technology fo order that they can be fully exploited within the context of toe Groups business. 

The strength of Amersham resides in its ability to develop a flow of up to date products 
lather than in a proprietorial position based on toe existence of patents. At present, few of 
Amersham’s products are fully protected by patents and less than 10 per cent of toe Group's 
sales are of products with some patented features or toe subject of patent applications. 
However, it is Group policy to take out patents where this is appropriate to protect major 
products or groups of products and since 1971 the Company has applied for patents in toe 
United Kingdom and major countries oirerseas for upwards of 50 inventions concerning new. 
products and applications. The Group is now entering fields where there is considerable 
patenting activity and, as aresuIEpafents and licensing by and to foeGompariy are becoming 
increasingly relevant. 


Marketing and distribution 

Amersham's business requires a high fever of fechnicaT service and attention fo toe 
particular needs of its customers in different geographical and product markets. Sales 
promotion is carried out for toe most part through personal contact by Group representatives 
Or those employed by Amersham’s overseas distributors. 

Amersham is long established as the leading supplier in its product fields in the United 
Kingdom. However, the markets for its products are international and the Group trades actively 
overseas. In each of toe four years ended 31st March, 1981 over 80 per cent, of Group turnover 
was outside the United Kingdom. The Group is not dependent on any individual customer for 
a significant proportion of its overall safes. 

The percentage of turnover by geographical area fo toe six months to 30th September, 
1981 was as follows: % 


North America. 


United Kingdom and Republic of Ireland. 
Federal Republic of Germany.. 


Other Western European countries. 
Japan 


Rest of foe Wforid. 


27 

17 

15 

17 

9 

15 

100 


The fable above is indicative of the relative importance of each geographical area to toe 
Group’s turnover, although the precise proportions vary between trading periods. 

The Groups most important markets abroad are those in North America and the 
Federal Republic of Germany where Amersham’s principal overseas subsidiaries, Amersham 
Corporation and Amersham Buchler, are situated. These employ nearly 50 per cent of the 


Group's worldwide marketing and safes staff. Safes to. Japan, though smaller, are growing 

' ' rch 


rapidly and in 1981 Amersham Japan Limited was established to market the Group's resea rt 
and industrial products in that country In addition, Amersham has overseas marketing 
subsidiaries in France, Belgium, the Netherlands aid Australia and a network of some 40 
distributors and agents in other countries. 

Most of toe Group's customers require products to be supplied at short notice and, as 
a result, there is a very short order book. Each day up tol, 500 orders are received in toe United 
Kingdom for destinations in many different parts of toe world, in addition many of Amersham’s 
products have a useful fife measured in weeks or days, so that the ability to hold stocks is 
limited. Production facilities are, therefore, capable of manufacturing relatively small quantities 
at short notice and distribution facilities haveto be organised to ensure that such products can 


sited with ready access to motorways and airports to permit rapid delivery, 


Production 

Amersham’s principal production facilities are located fo toe United Wngdom.The major 
sites are at Amersham and Cardiff with smaller operations at Gloucester and tn premises 
owned by toe UKAEA at Harwell. Some production is undertaken locally in foe United States 
and in the Federal Republic of Germany 

The main site at Amersham is used for the manufacture of racBophannaceuticals, 
industrial products and toe short-lived labelled compounds which form part of toe Groups 
range of research products. Many of the radioisotopes used within the Group are produced 
in the UKAEA’s nuclear reactors at Harwell, where toe Company maintains a smafl staff to 
control toe arrangements for irradiation. Further details concerning the Company? use or 
facilities at Harwell appear in paragraph 9 of Statutory and General Information, to addition, 
foe Company has its own cyclotron facilities at Amersham, which produces raige ofraaio- 
feofopes for toe production of which nuefear reaetd/s are not suitable. The first cyclotron 
became operational in 1966. An additional cyclotron is currentiy befog fostall^andB planned 
tocomeinto operation in 1982. It will have a much larger production capacity than the existing 
CMdotron.The Company also purchases some radioisotopes from other sources. 

The Company’s new purpose-built facilities at Cardiff, adjoining toe M4 motorway 
i iic wi » i r -.nr con million A nmdiichnn 


Statutory regulation and insurance arrangements 

Amereham is required to comply with a number of detailed statutory 

S ' "ons, by virtue of the nature of its business, as well as those of general application to 
ai and commercial enterprises. 

' InfoeUnitad Kingdom, these deal, amongst other things, with the precising, p^a^ng 
and transport of radioactive substances (including controls on imports and expore), foe ' 
construction, operation and licensing of its installations, the protection and safety of te wok. ■ 
force and toe general public, the storage and disposal of radioactive materials and waste, and 
strict public liability in respect of certain incidents involving radioactivity: fo addition, other 
statutory provisions and regulations dealing with testing, licensing, manufacturing practices 
and certain other aspects relating to pharmaceutical products anddrugs apply to toe sector at 
Amersham's business concerned with health care. 

Similar regulations and requirements apply in many of Amersham’s overseas markets. 
There are a number of international bodies and national agencies overseas which supervise 
foe regulatory aspects of the conduct of its affairs. - 

The Nuclear Installations Act 1965 prohibits persons from using any site in the United 
Kingdom for the processing or storage of nuefear matter unless an appropriate licence has 
been obtained. The Company currently holds four such licences in respect of its premises®: 
Harwell, Amersham and Canfrff.These licences can be revoked at any time by toe Health and 
Safety Executive but toe Company is not aware of any circumstances which might cause any 
of its licences to be revoked. Nuctear sites are subject to frequent inspection by the Nuefear 
Installations Inspectorate of the Health and Safety Executive and the Company regularly 
carries out work to ensure that it continues to comply with the relevant regulations. 

The Nuclear Installations Act also provides that any person suffering injury or damage 
as a result of occurrences involving radioactivity, in respect of which strict fiabifity is imposed 
_ on licenseesof nuclear sites, has, subject to certain conditions and exd usions. a statutory right 
to compensation. Liabflity of the licensee is generally limited to an aggregate of £5,000,000, 
excluding interest and costs, per site for each period throughout which a licence is fo force. 
Licensees are obliged to cover their liability underthese provisions by insurance or some other 
means approved by HM Government and this is achieved by Amersham mainly through 
insurance. In view of these arrangements and the conventional insurance cover which it 
maintains, Amersham considers that subject to no major changes in foreign statutes, inter- 
national treaties and regulatory standards or United Kingdom legislation, it carries satisfactory 
insurance cover tor ail major risks, including product liability, which would normally be expected 
to be toe subject of insurance fo an undertaking of its nature. 


Directors, Management and Employees 

Directors 

Sir John Hill, aged 60, has been non-executive chairman since January 1975. He was 
eftorman of foe UKAEA from 1967 to February 1981 arto has been chairman of British Ntarfear 
Fuels Limited since 1971. 

Dr. J. S. Burgess, aged 52, is group managing director and chief executive, having been 
appointed to this position in 1979. He joined Amersham in 1953 working as a development 
and production chemist, and later became the marketing controller. He was appointed to the 
board in1973. For two years between 1975 and 1977 he was president of Amersham Corpora- 
tion. From 1977 to 1979 he .was group marketing controller: 

Dr. C. C. Evans, aged 63, is deputy managing director: He has served with Amersham 
for 33 years. He spent three years with Amersharn/Searle Corporation from 1968 and was 
appointed a director of the Company in 1971 and to his present position in 1972. 

Mr. W H. Ellaby, aged 46, is director of finance. He joined Amersham fo1970 as financial 
controller and became a directorin 1973. 

Mr. A. M. Hamilton, aged 53, is director of commercial operations. He joined Amersham 
inJanuaiy1980from Bestobell Limited,where he was an executive cfirectop He was appointed 
to the board in October 1980. 

Me J. Stevenson, aged 53, Is director of United Kingdom operations. He has served with 
Amersham for 31 years. In 1974 he became general manager of the Amersham site. He was 
appointed to his present position in 1979. 

Mr A. M. Allen, aged 57, is a non-executive director. He Is deputy chairman ofthe UKAEA 
and was appointed to the board of the Company in 1971. 

Me C. M. Beddow, aged 61, is a noo-executive director. He is chairman of London & 
Midland Industrials PLC and a non-executive director of several other public companies. 
He was appointed to the board of the Company in 1973. 

Do D. H. Pringle, aged 56, is a non-executive director. He is chairman and managing 
director of Scientific & Electronic Enterprises Limited, a company which he founded in 1980. 
He was appointed to the board of the Company in 1978. 


Management 

The group managing director is advised by ah executive committee comprising foe 
executive directors and the foitowing five senior members of management 

Mr. J. L Castello,aged 45, is President of Amersham Corporation and a Untied States 
citizen. He joined the Group in 1977 from Abbott Laboratories where he had extensive 
experience in marketing and production, his last position being that of general manager; 
Abbott Scientific Products Division. 

Dr. J. C. Chariton, aged 57, is technical development controtien He has served wiffj 
Amersham for 30 years and was appointed to his present position fo 1978. 

Mr.D.Ktichen,aged41,rspersonnelcontroI]er.Hespent10yearswithHAYMSLLfouteci 
before joining Amersham fo 1980. 

Dr. J.C. Maynard, aged 49, is general manager, Cardiff. He has served with Amersham 
for 25 years and was appointed to his present position in 1977. 

Mr. A Youd, aged 56, is company secretary. Before joining Amersham fo 1963, he 
worked at the UKAEA in staff and labour management; corporate planning and general 
administration. 


Employees 

At 3ist Decenrfbei; 1981 foe Groupfe employees numbered 2,049.They can be classi- 
fied as foUows: 

Producfion, 


Finance, 


Unfed Kingdom. 
North America. 


Federal Republic of Germany- 
Other countries 


ftewelopmer* 
and support 

MarkaGng 
and sales 

personndaid 

administrator] 

Total 

1,077 

170 

284 

1,531 

111 

110 

32 

253 

84- 

74- 

22 

180 

11 

* ^50 

24 

85 

1,283 

404 

362 

2,049 


The nature of Amersham's business requires a high level of qualification in its staff. 
About one third of those employed in the United Kingdom possess at least one university 
degree. 

Approximately 85 per cent of employees in the United Kingdom are members of atrade 


union.The great majority belong to Civil Service staff associations, the rest to theTransport and 
Genera] Workers Union or the Amalgamated Union of Enaineerinq Workers, all c 


■ the Amalgamated Union of Engineering Workers, all of which are 
recognised by Amersham. The Company has an excellent record of industrial relations. 

Amersham has instituted a Share Participation Scheme and a Sa ve-as-yo u-Eam 
Share Option Scheme for eligible United Kingdom employees. Details of these schemes are 
contained fo paragraph 8 of Statutory and General Information. It is intended to offer the first 
options under the Share Option Scheme shortly Shares will be made available by HM 
Government for the benefit of employees under the Share Participation Scheme at the time of 
foe Offer for Sale under the special arrangements set out in paragraph 7 of Statutory and 
General Information, but it is not intended that Amersham should make available any cart of 
its profits for the acquisition of shares under this Scheme until 1983 at foe earliest. 



Pensions 

. Almost all present United Kingdom employees are contributory members of. foe 
superannuation schemes of the UKAEA Retirement benefits consist primarily of 
pensions which are based on one eightieth of pensionable final earnings for each yea" 
of service, and are then index-linked to maintain their purchasing power; together with lump 

service! Members are contracted otrtofti^ eamings-related part of^toe^St^p^^Sl 
scheme. 

Contributions are paid- to and benefits are paid by HM Government through foe 
UKAEA. The scheme accounts are credited with a return based upon a notional portfolio of 
fodex-linked and other British Government and local authority securities. 

Amersham is liable to make contributions to foe schemes as required byfoe UKAEA on 
foe advice of the Government Actuary. In accordance with his recommendations the con- 
tributions forthe year ending 31st March, 1983 are expected to be at an average rate of 10.6 per 
cent, of estimated pensionable earnings, which is not significantly different from the rate for the 
current year About £400,000, which is some 30 per cent of foe Company^ contributions for 
foe year ending 31st March, 1983, will be required towards the amortisation of uncovered past 
service liabilities over the period to 31st March, 2002. R. Watson & Sorts, Consulting Actuaries^ 
estimate that, as at the dates of foe latest valuations of the two principal schemes by the 
Government Actuary (March 1979 and March 1980 respectively), there were deficiencies on a 
discontinuance basis in respect of Amersham Amounting to £3.4 million and £0.2 million, 
the degree of asset cover being 66 per cent and 78 per cent, respectively. R. Watson & Sons 
are of foe opinion that the recommended levels of corrtribution are appropriate. 

Amersham staff offered employment after 2nd December, 1981 now join a new, funded 
Company pension scheme. This provides a pension for each year of service based on one 
sixtieth of final pensionable salary, which is final basic salary less a deduction fo respect of 
basic State benefits. Pensions in course of payment will be-increased to a limited extent to 
offset the effects of foflation.The maximum level of increase forwhich provision is made under 
the roles is 7 per cent per annum but further increases may bq made at the discretion of foe 
Trustees subject to foe availability of resources within the scheme. Members of the scheme 
are contracted out of the eamings-related part of foe State pension scheme. R. Watson & 
Sons have advised that they expect the percentage rate of contribution payable by the Com- 
pany to the new scheme to be broadly equivalent to the rates currently being paid to the 


UKAEA schemes. 

R. Watson & Sons are of the opinionthatthe provisfonsmadeforper^foreforotfBrs^ 


employees of foe Group are on bases consistent with those normally prevailing In foe relevant 
countries erf employment. 


Financial Times Monday February . 15 ' 18S2^ '^r 


/. 


Proceeds of the Issue, Net Assets and Working Capital 


ai foe oSwprk»,fous raisfog£7J3 

deducting those expenses of the Offerfor Sale which are payable byAmerahan&wffl amount 
toapproxjmate^£5Tn3fion.Thepiffposeoffoe issue jsto.incresse foe resources available tr> 
foe Group genwaUy which,ap«rt from normal working capital requirements^ befog iaadfoa 
continuing pro g ramm e erf improving foe facilities used by the Group^. Although there are no 
majorcapital expenditireprqjects presently ptenned,ofoer than a new ^nquartersbt^kfingfo , 
be constiiicted ewer foe next two years, thwefs a regular recjuirerr^tfor investment fo new 
plant and equjprrierttto support the jpowth of foe business. Total capital expenditure fa the 
current financial year win amount to approximately £5 miion ana foe directora expect 
expenditure to be at about £7 million in each of the nexttwo financial yeans. 

The net assets attrfoutabie to the shareholders of Amersham, based-on the coni 
sofidated historical cost accounts at 30th September; i 9 fH,adjusted to Id® account of foe 
pnx»edsoffoeissrrere&redtoabove,arttourrtto£34.8™on. ; ; 

The directorate Amersham are satisfied that, taking intoaccounffoenetproceedsofthe 
Issue and avatetofe-banit facilities* foe Gitajp has' sufficient woidi^capy tor ftsprss^ 
reqUrentents. ' -7 ■*. - 


t 




Past Profits 

The Mowing table, based on foe Accourflarts* foe-resafe of 

Amersham and its subsidiaries orv the historical cost bass farthe five years ended 31st 
1981 and foe^monfosended3(WSeptonTbei;i98L - r - • • v- • 


■e= 


IfereffldfttffoatMatfv 


Omonffiaendad 


feV* 

cK ■ 


Turnover 

Trading pro® before 
interest (see-note) 
Relocation costs 

Interest 


Profit before taxafioa 
Taxation 

Profit after taxation 
Minority, interests 
Profit attributable to 
shareholdereofthe - 
Company 


1377 

1978 

1979 

1980- 1981 

1381 


SfOOO 

£000 

£000 

£000 . ; £000 

. ■ £0to 

C- 

21,483 

32,722 

37,825 

41^76 48J53T- 

■ r ' : '30345 .. 

i • 

4*873 

6,747 

6£64 

4^08 5307 

.--.<5ra 


- 


—m 

• (4$8) 

• -• 


24 

(91V 

(550) 

^37) Cf^40) 

<«») 


4,897 

1M7 

6,656 

Z094. 

6,014 

(3911 

4,011 -4,079 
1334 1 • 1,412 

•AV 3,867 

" *' *■' - 

3^350 
•. 390_ 

4,562 

519 

.6,405 

688 

2p77 2,667 i 

516 • 49f 

...rV ; v2384- 

g|; : 




-• 


7 1 

2^60 

4,043 

5,717 

23&i Z17B 

- ' r: 2376 



I'toteTtetradkg pm&bBf b&intB ro&forthayQarendedSIstMgrcfi, 1977 inck/ctes theGmupS s/isro of B tenret &g 
cIAmetsham Cajxxatioa as ao associated company up to flrafioie of its b&xxntngasubskaay In January 187£; : 


shown in the above table at an average compound rate, of apprdximatety'2o per cent per 
annum.This growth reflects a sustained increase in volume estimated at pver^ 10 per cert, per 
annum. Sales both in the United Kingdom and overseas have focreased notwaratetfwtt^ the 


*■" 


Group- . ... 

ft is a feature of foe Group's business that while approximately three-quarters of ffe 
coste are focurredfo foe United Kingdom and are susceptibteto Unfted Kingdom inflation, 80 
per cent of Group sales are made overseas. As a result when steriingstrengfoens, paiticularfy 
against the United States dollar, the Group’s margins tend to be reduced: Conversely, margms 
told to increase when sterling weakens. V 

Amersham sells in overseas markets mainly in'competftion with local or Unfed States 
based suppliers and, in the period under review, it has not been^le to increase its prices to 
the extent necessary to compensate fully for foe rise in United Kingdom costs. This; coupled - 


with the strengthening of sterling .caused a reduction in trading profit margins partioiarty in foe 
mded 31st March, 1980 arid 1981. 


years ended: 

The record shown byfoe table has also been affected by foe writing bff as Incurred of 
pre i production eo^perefiture in connection v^h the development of the new. plant te Canfiffc 
SubstentiaLpre-pfoduction axpendkure was ini^rTQdinfoe fouryears ended 31stMarch,1981, 
particularly in foe two years ended 31st March, -1981, in each of which such eqrenditure was of 
foe order of £1 million; this was in addition to the relocation costs -showrt in the table above. 
Almost all erffoefoterest payabfe vras incurred aaa dkect resuft of increa^bdrraw^wh]ch. 
formed part ofthe finance for the devefopmait at' Ctei^'afriifoerp^ 
provided by anjssuein 1977 of ;new<Mrteryaharesymfch raised £5rhffli6h. : ' . -■ 

From the year ended 31st March, 1980 onwards, the taxatioiV ^ charge shown fo foe 
above table relates principally to tax payable overseas andiadvaricfe cdcpdrafiOT taxin the 
United Kingdom. As is explairiedfo foe Accountants’ Report, the reason forthe taxation cradfc 
in the year ended 31st March, 1979 was foal substantial r^pitoalfovifarK^^iMt^ could ndtbe 
used agstinst the taxable profit of that year, gave rise to r^iayirfents. of tspc pakHri previous 
years. Tax on profits after 30th September, 1981 will be reducedtiy upto appradma^y ELZ 
million (assuming the continuance of the current corporation lax rate) arising from tour * 


i 


1 


i 

i 

1 


3 •; 


The current cost accounts included rn foe Accountants’ Report show proportionately 
.smaller current cost operating adjustments, foan those of many' other niemufacturing - 
companies. The principal reasons for fois are the Group’s toafivfefy low'level of stocks 
comparedhwth turnover and foe tart that a large proportion of the Groups fared assets has 
been acquired in recent years. • ' : 


CuiTentTYadiiigaiidProfitFbrecasts. 

The profit before taxation forthe sbbnorifos ended 30th September, 1981, amounting to; 
£3,867,000. reflected particulartythe recentweakeningof sterffog and ateofoe falter usb Of foe 
new production fariGties af CardiftThe improvement irtresultsexperienced in foe first half of • 
foe current year is continuing, vyfe activity at a high level On foe bases and assumptions set 
out in Profit Forecasts: Assumptions and Letters bekw.foe. directors forecast thaL to foer . 

. absence of tfoforeseen cfrcwristarices, foe Groups profit onfoe historical cost basis for the • 
year ending 31st March, 1982 will "be not less than £8.3 million before, taxation and not less 


- :?=-■ 


than £5.5 million after taxation arid minority jnterests 


The directors estimate that,ifthe ‘Group^ had had thebenefftthroughoutfoeT^rrrffoie 
funds being raised by the Issue forcash of additional share capital (net of expensesfand foe- 
HM Government loan repayments) andhad earned interest at 14 per cent peraonurih oritWs 
sum, the Group's restated profit on the htetoricaf cost bads for foe year ending 31s* March, 
1982 would be not less than £9.0 million before taxation and pot less than £6.2 mDtionaftar- 
taxation and minority interests* • • “ ■■■• . 


On foe baas of foe number of Ordinary shares which wiB be m issue following^ foe Offer 
for Sale, this restated forecast profit represents earnings of 12.4p per shared giving a priced 


earnings multipieof 11.5 at the offer-price, if a notional fuiltHDc charge is applied, the resulting 
earnings per share would be 7.5p, giving a price/earnings rhuftipJe of 185 at the offer price. 


The directors expect that foe current cost accounting adjustments to the Groups profit 
for the year ending 31st March, 1982 will be of broadly thp same amowft as ttfoadjustmenfs v - 
made in respectol foe previous yeat 




Dividends 

. TheCompanyhasaJreadypaidirfeTtodMderKtetoHMGownvnentfn'respectOftite 

current year whiefi are equivalent toxfividends:of lApper. Ordinary share. '/ : f J 

On the basis of the profit forecasts set-out above, the dfrecfocsexpect, fcthe-absenoeof 
unforeseen circumstances, to recbmfriend Sfinal dividend iir respect of thecuTOntyBarc^2.1p 

nor tVrlinarxf oharo navfahla in Ai im ic+MODO : jm-j 



tax credit at the curront rate, to 5p gross per Ordinary share. : 

_ _ This level of divide nds. together with the associated tax-credit, woa)d grv&a gross 
divjdend yield of approximately 3.5 per cent attire offer price and would be coverect2.1 tiroes 


by the restated forecast earnings per share on anotional full tax basis. 

ft is expected that in future \ 

January and August respectiveiy: 


s';. 




Prospects 

^ As previously slated, foe combination of over 80 1 
with the bulk of foe coste being Incuned In the United f 

9ffi fiffoNorf Uw mrammAlA* UL_ _ * m _ n ' 


^percen t. i n t — _ u«r wuiwua wr.ucu.uuii»iuiiB nw aiuu^iii™* 

a^rownSy^op^ c&nt^ tradkl9 wouW.be respectively ^hw : qr-fewer ; -lV’ 

JLU ^ 5^.1g er business Is refcfed fo 

products or indirectly through foe supply.of research rao(factetTh8se.fl | '® 
S S? wf ?? er - than tor iridu^ business' 

praportton conhnuin9 to at a modest rate, a decreasing 

directors .believe that new applicaBbns for iadfoactive brodaefeto msdiG£fl_ 
IncreSrvi 5 r ^ast the next teri ye$r&At foe^ametiriie,^ 
,of present clinical ' reagent market fe -fitety To be- served -by 


01 '™ l ‘ sha ™ 5 groyrtho^ectives.^^oppw« 
chenfisUarfo ^ §ssen^ ; 

as paitpf its service to't^^ra^^^^ ?? ” 



. advanced countries. Among foe^ite Cfaneo states and Jaoan oStt 

toS^^° ra,l0neWSCienfflk:d «' • : 


h 

< : ’ 





.-.•■sfi*n£ 5 aS» 




i 



S^fflacial Tlinte Monday February -15 1982 


; ^rSM 

. Sr*: fey 

- ft "» 

■S'i. 






4*^ & *N 
Cfe, 

^ S35 
_;■?. .§ 

^ :*)■ 


■ 


fO£2SS 


continued 

Accountants’ Report 'V'-' 


-Hiedtockis - , .’' 

•/unwaflaffl iriMcragciiypiMM;ttnigia«jiijypiy 


tendon 

10lhFebnfflrj5l9a2 


K M.RotfwcMd & Sons Urate* 
Morgan GrenfeB&C&Urratod . 


jsubseque^period. ■ " — ■ " “ "" ■«* uoc * 1 « nspea n any 

- Wfcrf«Brea£^8saocBwsaflheQwjpfoflfewtioterftapaiWT8*anBdto^xw. 

• ' fr^opW^ ^S^nc^intan^ton set out befcwundwHstoricai Cos! AaWmrs gives a fruosaj fair vfew 

iSSASS^lSS l ^p^! to, ^ ****** *?* te 

Historical Cost Accoonts 

Accounting policies ..... 

-:;■■■' TTwsQoS^accaurtB^ptScfesaS^^ 

' Accaun gnd conv enti on 

■ ^ hfateaical costcorwoT ^ cmv8 tihtfia'oMDBpBon 

Buts of consolidation - 

, The ganMCtetodacoounfe comprise the restte of Ihe Con^ainy and aB of tesMbsjfftHiBRGoodwi arising on 

OTKoSdationiavw^oflegamtraeon®^ ■ 

FcraSgnoumdis .-' 

■ The«a»jmafjnBowneasaiti6«Bfie6 are tranatatod into storing at the rates lufingtaihe balance sheet 
dtte.Excnange differences arising on translation of tire opening share capital and reserves of such companies are dealt 
wtathroutfi reserves; exchange dKeiences on oteentems ace draft wtfi in annual profit. 

RMMfnhand « a 

Ressaniiandderafepnjentaxpendlurefswrtlanoff^SfeinctJnQd. 

pr^pro di icbofi cqpcmdfture 

• PT»^irojjatonflxpefiifiiaa,t«autfng interest, iete&ig to «ia new hteafaria»atCaegliasl»Bnwtttan off as 

ShasboBninturML . .. 

Pbcod assets 

PBpreo^pnb^culatedbyfe straight ^metfxxltrom to beginning offtshatf year following fl^tnahka 
tia assets are feat brought Hto 06 e,at the annual t^bs: 

■ Land NR 

• Permanent boBcfrigs TherrB^«2SpBreaC0jriorto1979/8D-5pert»nL> 

Plant and Mipmept anti ■ At varying rales calciiaied to wrttepff tee asset over its expected 

temporary biikings useW fife.Thernajotfyts depreciated at 10 per cart. 

■ Investment grate. whfchfodude regional dsvelopmert grants to foe tinted Kingdom, haw been treated as 
(Waned credfesand are released to profit at foe same rale as the depreciation charge. 

Plant and eey4*natteaa t rB under £500 and repatesaidianewafa Me wrtten off as ttBCMpwKliiebtactBied. 


Leased assets are accounted for in accordance wilh foe proposed Statement of Standard Accounting Practice 
. Accounting for Leases and Hke Purchase Contracts' 1 (“ED 29"). Accordingly. assets acquired under finance leases 
as defined by ED 23and the related capital element of rental obfigattons are included In the balance sheet. The interest 
- elements charged against profit taproportan to the reducing capital element outstanft&The assets are depreciated 
over the abater oi the lease terms aid the useM hves ot the assets. 

Stocks ‘ - 

. Stocksara stated allha lower of cost and net reaSsaHevake. In general, cost Is determined on a first in, first out 
basis, and includes Bflcfirectexperefilure and, in the case of manutaoured items, proctoctian overheads DMOd on the 
normal level of business activity Net realisable vakieslhe price at which Ihestodcs can barejlsed n the normal course 
of business after allowing tor the costs of natation and, where appropriate, the costs ot convereioiL Provision is made 
far obsolescence and stow moving stocks end tor raefioaefive decay 
iteration 

• Thxaflon charged against protts is calculated at the appropriate local rate of tax far each company Provision 

tornado for deferred taxation fusing the fiab&ty method) axoeptothe extort that such taxation fs not expected to become 
payable witim 8m foreseeable UuraJto such provisions have been teqttoed in the period under review 
• pe nsi o ns 

Pension anangernentswiftin ft© Gram have been separately established by eat* eomjwiy Except for foe 
German subskfiary which proxies totamaBy lor future pensions. Group pensions are externally tended. Actuarial 
valuations ere made.regutaly and contrixjtians are a^usted as appropriate. In the case ot the schemes adWnstered 
by the Untied Kingdom Atomic Energy Authority ("UKAEA”^ uncovered pest service Sabfiues are being amortised and 
charged against profit over ihe period to3lst March, 2002. 

Profit and Lon Accounts 

The consolidated profit and loss accounts of die Group for the five years anted 3f at Mardi, 1981 and the sbe 
months ended 3(Xh September 1981 are set out below: 


Vears ended 31al March, 


6mmteen(tad 
, 3tWi September. 


S TUTTXWflT - - 

Costofsates— 

Tradtng profft— . 
fc) Relocation coste. 
(d) . Interest- —..- .— 
Share of profit of i 
(e) company 


1978 

1979 

I960 

1981 

1991 

£000 
32,722 
Z59 75 

£000 

37325 

31^61 

rooo 

41,578 

36^68 

*“000 

48331 

42^24 

n»o 
. 30345 
25.770 

6,747 

6,264 

4,908 

6^0 7 

/.too) 

4>575 

OT. 


. mh 


(7^ 

. — 

_ 

__ 


— 


Profit before taxation....-.— .. 4,897 

ffl Iteration; . ; : 1,547 

Profit after taxation. — — .... 3350 
Mnortyatteraets ■380. 


6,656 ' 8JBU- 4flt1 4.079 
2.094 (391 ) 1334 1.412 

4362 6,405 2,777 2367 

519 688 516 491 


Profit attributableto 

shareholders of the Company 2£50 ■ 4,043 5717 2361 2.176 2576 

(fa) Dividends-—, , . — 129 . 719 . .752 . 752 732 . 627 

Pioft retained; ... . 2,831 3324 4,965 1509 1.424 ' ' 1349 

Movements on Reserves 

The movemerts on reserves of to Group are set out betove 

.. - ■ • — ■ ■■ - 6 monre BUM 

”ES5S=SiS5a 30CSepiH>ib«i 

. 1S77 19TO 1979 1980 1961 1961 

“ r rooo rooo “ "Tdoq toEo fooo tom 

Reserves at beginning of period- — — 5,478 . 8301 12.0S9 • 16,579 » 17,779 18.802 

Profit retained tor Ihe period. — 1— . 2.831 3324 4,965 1309 1,424 1349 

GoodmB written off (261) — (?9) — ■ (82) — 

Exchange dMsrencejonBansInonoL ....'. 

3-aS5SBaSS=i w (m (366) (309) ' (Hd um 

Revaluation of assets — 708 — - • ZT . — 

Reserves at end of pprinri 6301 12.059 16,579 17.779 18302 . 21389 

Notes 

(a) Turnover TlirrKWer; whk±i eceAtoes sales betoken QpupK)rr yan i ns , co nslsteof3afes^riTvdi^ 

; decourrts, r^ums and value added tare. 

(b) Cost ot sates Cost of sales includes toe faflowing tens: t , nirm n TOCnitnrf 

1977 • 1978 ' 1979 I960 1961 1981 

• rood £ooo ' eooo~ scoo srooo £ow 


from lnve6tn«rt. grants): 
owned assets — — i — 
assets on finance leases .— 
Hire of equipment (exdudng 
fiance leases) — — 


1977 

1978 

1979 

1980 

1SB1 

rooo 

£000 

SOW 

£000 

ran 

544 

1,118 

1,104 

1,084 

1.451 

105 

128 

202 

30S 

368 

392 


. (c) Relocation ; T7*amotrtiBprBS«ntothecosteof«k)C^i^kOT 

— ' '• RftCtR " 


(d) Interest T1« net irtcoroe/(charge) for inlere^ fa mode up as fallows: 

«ara onflod ?1st Mach. 


interest receivable——— 
tnceraStpayable; . 
on loans and bank cwararafls. 
fenwpectat tease finance— 


emcrthswvfad 

yfearaendadgrsfMacn. aM iSapax iWac 

1977 1978 1979 1980 1961 • 1981 

ETooo rooo rooo roco rcoo cwo 

186 164 117 234 121 131 

<1629 (255) P®7) (1,131) (1,Kg ’ (74^ 

~*34 (91) &7) d-740) "(708) 


{ASInraof ' TMsareourrtrapres^9»Group3sfihareof9wresullsofAm«shamCo«porrfantptolhefirneof 
profit of is becoawg a subsidtaryin January 197Z - 


The taxa^ch®ge,whidi is based on mepxjS for Iho periods, comprises 6tnon1teon(W 

■ Years ended 3iaMarctr. ■ ot. 

M77 1978 1979 1980 1381 3*** 

. £opo .corn £ooo tooa stwi cooo 


company 

(QTfantiqn 


Unted Kingdom: • 

Corporation tax at 52 per cere. 

(see below) — — — — - 

Advance corporation UOt — , 
Adtestmert of prior years 

on sale and leaseback of 

assetsacqured m 1979 

other.-. ~ ■■■■-— — 

Overseas: . 

Tax chape forperiod— — 

Adjustment of pnoryeare 

Assoctaied company—— 


851 1301 (1375) — (3) 

■ 3Q3 4Q3 322 322 


(95) (4) ft23) — 

GSS 839 U092 988 839 

— - (105) (16) 47 25 

236 — — - — r: 

1.547 2.094 (391) 1234 1.4 12 


accelerated capital atowances 
short terni ibrnng inferences— 


874 1213 3.748 3207 563 


^ ^ ^ 

above for 197S. £Tioo 

Years ended 31st ft&n*. 1575 ■ 

iS: — zz 

1398 


pSodrepfesemal ahifl period lor taxatonpurposes. 


Interests 
8i) Dividends 


Ytos ended 3tst Man*. 1977. 

1979! 

1980. 

1981. 


31dMatch.1^2 


(shown in the profit and loss 


Source and Application of Funds 

Thoeoureeand a pp fca lionoffundsofl 
ended 308r September, 1981 are sa 001 below: 


Sourcotf Funds 

P^tMtfwniamrtnn- 

Adfostmenis for items not fovolving ihe 
movement of funds: 

Other - 

Total Generated from Operations—." 
Funds from other Sources 
Increases m bare— 

New tease finance... - - , 

Pmcrfyl^ frrvn ahtw imn 
InwKJmanl giants . , , 

Sale ol fared aswls: 

Agents Inasnrihadt 

Piter asada - 


AppBcafiwiofRirefe 

GoodMl 

Dividends paid to ^larehoidas 

rtfthnrjwipany 

ProMswHhtfBwn by minority rteresb— 

■for paxV( recovered) - net 

Fixed assert - - , . . 

Leased assafe. 

Rppnymoftf fV lrgg« — . , 

Ractocfion d lease finance-— 


focreesa/fDeowase) teWorking Cbpftaf 

Made op as follows: 

Rmrite 

DoblOfs . 


Movement in net fiqufd funds 

Bank and cash balances- - 

Short mwnrfcyneMc 

Short term loans———. 


Effects of acqtisWon of subritfigy in 1977 
Net assets acquired; 

Fivtvi accnhi 2348 

finn ffaJt . . 261 

37 

2344 

l^mfeftyj^pcfmaW - - - - - 639 

1,705 

Balance Sheef$ 

Babnt^ .^h^ritthftftwy anya g t flwanipritam 

Norn 

Employment of Captel 

(a) Fbced Assets.—. — ■ 

(b) ' — ^ flQMrfn 

(C) 

Current Assets 

.(d) Stocks - — — — — ... 

Detxots ——————— — — — — . 

Short term deposits - .. - — 

Bank and cash balances,.— — 

Current LtobfOtaB 

' Credaors ... 

Loans and ovettkafts,,. 

Lease finance 

Owdands— i. ■ 


Net Currere Assets— — 

Capita? Bnptoyed 

Share Capital—-: 

Resarves . 

Eflnorily Interests 

Loans 

Lease Finance — 

Investment Grants — 

Deferred Llabiflty tor rten sto n s. 


(a) Rxad assets TbBfixBdassB b te oro madoapasfctoss: 


Owned by the Comp 
Land and buitfings— 
Pbnl and equipment- 
Constructions! prose 


Owned by subsidiaries 
Land and outings — - 
RartandequiprnenL— 


©Prioc toM The 

aubeMterin into 


emonSB anted 


1,118 1,1M 

ISO) |47> 


— 3354 


— T3 

8A44 14331 


— 79 — 


260 S51 

307 579 

1379 2,040 

4^17 10319 


I960 

1981 

aomsopwroet 

1961 

rooo 

ATOQO 

STOOD 

4011 

<079 

0,867 

1.084 

(219) 

1^56 

(36) 

1,029 

107 

4078 

5599 

Sff& 

290 

6.496 

2.643 

— 

1JM9 

263 

533 

S& 

1.S3 

551 

94 

6^58 

17X&5 

5J630 


tedrectiyti me share capital except where indcatect ■ 

Cowbyandyearrf 

gg^^^^rranutaeturbigand registraiionrejncoqjorafim 


A m e reh s m 

ABUtsbam 


jfiqn United States 1868 

GtnbH&CoJ0S(6O%) Federal RepubfcqfGeowpK, 
1971 


S f iHre c a p ga! 

band 
and fidy paid 

.USS5300 1 

DM2300300 ■ 


febdiiyfoau.77)6 captefsfMtw totebatoncftOBttepar&w? aplsfaociwfo 
Merfc^ngofUrited Kingdom 
maadacaited produula 

AmerahmAuBtafiBPtyl United AusiraEa1977 ABWWJ 

AmerahamNedadaodBV TheNetherfandB’fiBD H40fttXX) 

AmershamBeigk*nSA ’ BeUan1980 ^BF730ftQ0J 

Ame^rsn France SA France 1378 FFSSOWOO 1 

ArosrahgnJBpaiLimtedpOK) JspBniSSi VSp^otyMO 

The contribution toGroup profit b efore l a x ate nOTdrrfnoraylrteWBtelrrihByBg ended 31st Mand^ 

1961 mi foe six months ended 30fo Saptembeci 1981. and foe contribution to Group net assMs 
before mtaod^BtoBssasa30thS^jtanibeti981.of the overseas sutsaefiarias tea asfotews: 

RstobaiMBt aiu B aiwxI iri n Bfi y lBlBiBebi 

Year ended Bmortha anted WBtti Ml 

3UtUagh,1fl8t 3ahSaptamb*t«1 30ti>SretmlMr.188l_ 

rooo rooo 

- (HBdSUea - 474 490 

Federal Repubfic of Gennay... — — - 1^94 919 8SS® 

rW»W»«MB Bil«lilfafa. 48 (128) , 648 

Current Cost Accounts _52 !£ _!2 1 . -Z22 

Profit and loss accounts • _ ’ . 

Thecoriso&tetBd current coal profit ari foes accounb and mm ramenlacniBsenies fcrt i Blti PiieaP aiM 
31st Mach, 1331 and the six mexate ended 30th SeptorPet^SKlsrasat out below: . 

Wended . Wonted Broe rfhs ended 

Stst Match, reatMBRh. aBbSqaarntac 

■ IBM 1981 ^ 

rooo srcoo cw» 

Turnover. ... ... .. . 41^76 48531 30345 

Op»nrttei^prnrarvtWM«»ut>nlivMrtl«wt« 4,906 " 5519 " 4,575 

_ 1^10 1361 588 

Citm»n»enwtnp«wringpnn» 3.^8 4238 3^87.. 

Gearing aJureraera — 209 401 167 

Interest (897) (1,740) (708) 

fjwr— it prr^Wt fyrion 3,010 2£99 ’ *"^446 

Taxation ..... 1234 1,412 963 

1,778 1,107 2,463 

Minority interests 512 472 289 

Current cost profit athtoutabie to sharahoiders of Ihe 

Company — 1,284 1,015 2,174 

"“hut 752 752 627 

■fandprlnH^nMe 512 263 1,547 

rjim wrt >ire) f caom ra . w^^-^ree * 

Opening balance — 10,106 13£87 18/162 

FhwwhiminnjtiMptiigiw i PtlPrtingjvirwr^ ^ , 4,444 5,67P 745 


laetaAbefce e^, 

£000 " 

•- 28,188 

■ — 2,425 

— -4,472 

35 J085 


TheGwnp 

“ ffOOO 

34^69 

ZfiSS 


Gearing ac^usanent— - — — ■. (208) (401) 

E x ch a nge cfifleraoce on^ henstebon of opening share capSal 

■M—wsofrattiMaJ— ■ (309) (319) 

Oostagbatancs ' 13.667 18,462 

OBterresenas “ 

Opening briancs 14^594 15,106 

Tran ct rytrr.^p. r rfrfanrtlnc^arrT» rt 512 263 

Goodwaw«tenc« — (82) 

rVc^hrianro 15,106 15^87 

Ciarent cost balance sheet 

The consoidaled curort cost balance shs^ of fte Group as ^30fo. Saptemba; 1981, to set out beta* 

Pr— <»rrHI - - - - - - 

Net Current Assets 

Stocks - -- - - - 


Cut or Aggregate 


12253 2,296 

20545 4,066 

1.752 — 


5.159 940 

4,102 2240 

9^1 3.180 

43311 9.542 


Other cuaeni&abBiss (peO. 


14^34 fi—CfiM - - ----- - - 5267 

7.282 Reserves 

- vzw Currertcostresenia.. .... — 19^93 

,43.976 niteiBBM.- . . .: — 16.934 

— 43JJ94 

6267 Mkrority Interests - - - ' — — 982 

21389 Liamtunii I mmHimhi* _. ,i — - — 10329 

Investment Grants — ... 4,760 

IlBipt»i«rtLhitilWylnr pAnalnmt _ _ 342 

8,821 . . S9707 

1,708 Notes * 

4.036 (a) Accounting The ojrBrtcoslaa»inte,whi(»aretesurrimarised farm. have bean prepared by r ufan Bnc e toaBTBnt 

342 poticies cost prenteles n corrformtty vftt\ SSAP 46. Except where adyiSted » comply vrith SSAP 16. the 

43075 sooourting pofioes used in preparing the historical cost accounts have been adopted in the cinenC 

■ costaccoirts.Potaes apeoSc to ihe current cost accourae are set out bekmc 

fixed and teased assets 

The gross cuter* replacement cost of farad and based assets raid Ihe depredation adgusfniMfBUto 
Net bool: beencakuialEdusngincfcesastoaows: 

— vatua Plant and btridtogsc appropriate rxScas issued by foe Govemmerlstafistii^senriceswBfoeqmvda* 

suae ' overseas services. 1 

-ggy. Land: intfees appropriate to indusbial properties. 

13479 Cost of satos and monetary woridna capital adjustments 

7752 The cost d sales and rrmnetetywonringcaptelad|u^inents are based on records of ch a nging prices 

“ ^ maintained by the Company or appropriate mdees issued by Gorammert services. 

28,188 LtonetaryworktegcE^tial consists os bade debtors and trade cradfafs. 

Gearmg adjustment 

4219 The ^artegac|ustment is based on the averse gearing diking the year; calculated one Qoup basis. 


(b) Current cost 
operat in g 
adjustments 


Yearendad 
31st Match, 
1980 


Vaar ended 6 months ended 

31st Mad^ aOthSeptartw; 

1881 1981 


C09f or vahiaftsi figures repre se nt cost to Ihe Grotp. except for assets of a absday which are 
I included at a valuation of £1701,000 based on an indspendentprafesMonal valuation in 1977. 

The rates of depreriabon applied in past years have resulted in fbced assets with a gross book value 
of approximately £1,400.000 besig written down to a nominal amount although they are stfl in use. 

(tyLeesed The leased assets for both Ihe Company and the Group were (tent aid equipment, made up as 
assets follows: cooo 

Capitalised anou nt — — 2.643 

Depredation ... i — . . ■ ■ . - — ■ ~ 218 

. Net book v afiv* — ■■ * — — - . _ 2,425 

(c) Subsidiaries The net investmenl by the Compar^-ir its subsidiaries is roads up as foflows: STOOD 

Shares at oost less amounts written off— .— — — — 3.087 

Amouttis due to the Conyary ■■ — — . £280 


Worfcrtg capital: 

Cost ofsates — 

Monetary working capital . 
Fixed assets: 
Depredation 


(e) Fixed and The net bodrvahis of fixed and leased asstfs comprises: 
teased assets Lend and 

butty 


The Company .The Group 


LoanloffiaCompanybyasubsMary 

»* i 

Defa9softiraprincfoaastfosidi8riG9arB8Btouffoiiafo(0bekM 
-|d)Sodcs. Stocks axnprisa: - 


Rawmalari^s— 
Work in process— 
Finished grads—. 


(el Loans and The bar* loans and owndrafisaod other borrowings of Ihe Company and Group were repeyatte 
overdrafts • as Inflows within periods ton 30th September, 1981 ok ~n»c -. t . ThaGmop 

eooo. _ stiro 

Ora yearor lass, cron dema nd—— • 1.123 ' 13 93 

Between one and two years 134 . 439 

Between two and five years 6,402 7,433 

to axcss3oiSvfr y ears .. — — . ■ ... 1 349 949 

8.608 10,714 


(d) Financing 
of n et _ 
operating 


. STOOD 

£TOOO 

24)48 

2.484 

. 14*7 

2X)01 

. 1.487 

1.973 

5.482 

6.458 


Current replacement cost. 
Less: 

Accumubted depredafion . 


B o rrowi ng s c omp rise : 

Loans and tease finance — ........ 

Other current fafiS&es (net) — ' 

Deterred Babttty tor pensions - 


Net operating assetscomprise: 

Fixed and leased assets (net of investment grants) . 

Monetary waiting capital (net) 


Plant and 
«wwa* 

rooo 

41JB41 


30th Saptemba: 
1881 


Ybursfniv 
Coopers & Lybrend 
Chartered Accountants 


Profit Forecasts: Assumptions and Letters 


The Group 

rooo 


Unrebeved advance corporation I 


M Sham 

capital 


kto material amounte of foesetoans and overdrafts are secured. 

£1 £19.000 of the Company 's teens, inckxted in the above table as being repayable to eoitel annua! 
ftistBlnients una 1993. BK> be repaid to Mri Government under arr a ngement s described in the Offer 
•for Sate datBd 10th February, 1962. 

PJTfocaBan The tax llabities haw been estimated on the basis explained to note (0 to flra profit and loss 
accounts. 

The fun potential Sabifitv far defemed taxation at 30th September 1981, for whWr no provision is 
requBed,is esunated as (ofiows: 

7ha Company The Group 

STOOD £000 

Excess of lax allowances on investment in bu%Sngs are! plant over 

deprecation charged — ■ — — — 11.463 11.868 

Short term Onwg oateronces - - — — — - - (229) (229) 

Unutiteed tax losses a — — (2.204) • f2£0*) 

Unreteved advance corporation i mr (1,593) . (1.593 ) 

’ 7.436 . 7J42 

No provision has been nrafe tor ary iaxafion which would become payable on the dbtribufon of 
retaned profits of ovsreeassubsidtenas. 

folShara ' The shM capital ai 30th Septefitoer.iSBlconi^swt 
capttal Authorised: 650 0 .000 Ortfcwv shares of Si each. 

Issued and hJlfy paid: 6^66,783 Ordmary shares (rf £1 each. . 

(hJResovea The Btoup's reserves included the lotourog amounts in respect of wSeh ftere WBrs sW c to fP 

oncfctribufaon: 

£ J QOO 

Unraafeed revaluation surplus of the United States subsidiary.-^ — — 407 

Rq3en«so(ftgGeinian»ibsic^rKaiegafiyavattebtekycfeiribt4io n — _ 2 95 

702 

fi) Lease The fufiremlTfaTumBratece lease peyn^ntetowhkii toe Company and toe QTS^vsteroaxumtod 

ftiance el30Bi September '1981 areaefolcxiM: 

EWU 

Sx months entfina 31st March, 1962 — - — - 336 

Years enefrig 31 st Match, 1983 , . — — i. -■■■■ - 550 

• 1984 — 550 

. 1985 550 

^ 1986 i 271 

a jb 8 a que rt to3tst March, 1986 542 

Z799 , 

iMBWBBtfdBPBBt . 612 

2,187 

(j} Capital CapMcornmflmentaal3eftSBp(smbfl:1^vwreaBfoto^ 

caantiomnb IheCompany wteQroup 

£TOOO STOOD 

CortradadtatorrtptoindBdfar ■■ ■ - — -»■ ... 756 . 1,094 


B ases and principal assumptions relating to the profit forecasts 

_ The profit forecast and restated pro» forecast forthe year ertrfng3lsf March. 1982. wheh appear undercurrent 

Trarfing and Profit Forecasts above, are based on audted accounts lor ihe six months ended 30te September. 1961, 
unauMed rraroagementaccouts lor theteiee months sided 31K Decetmtoer, 1981 and estimates and forecasts tor the 
remainder of the year. 

In so far as they relate to periods subsequent to i9te January. 1982. the forecasts hava been prepared using 
foreign currency exchange rates rufing at that date.Tb the extant tiial foreign currency has not already been sotdforaaid, 
changes in the exchange rales would affect partkaiarly: 

(0 tee translation, by reference to exchange rates rufing at 31st March. 1982, of tee results of overseas sub* 
skfiaries for tee whole year and substantial amounts estimated to be receiv a ble by tee Company In overseas currenties 
as at that date: and 

(fi) ihe staring proceeds of foreign curaney steal received between 15th January, 1982 and 3tat Much, 1982. 
As a broad indication of sensitivity to these factors, it is estimated that, it staring were 5 per cent weaker or 
stronger throughout the period trom 15th January. 1682 in comparison with the exchange rates then ndng, the forecea 
prottbefare taxation for the year might be higher or lower by an amount of the order of £400,000. 

The following are the other prmdpaJ assumptions which have bean used in preparing the forecasts: ’* 

(a) teere w il be no unexpected change to Ihe year end stock provisions for radioactive decay and other tachrfcal 

teeters: 

W there wiflbs no sgnacant interrupt io ns to proctoction due to such factors as pi git failure oT fo ta n u p O ontofta 

supply of key maiwiate; ... 

W worldwide dstifoution t^produdswil not be affected by industrial deputes or adverse WBafiiercondHons, 
eBpeo^y those aftecting ax trawport and 

W 1hBI * ** 6* y adverse consequences ofany ^tecaj or olher gowemmgn te J acfoa'm paificularmwgBTta 


. Any expwwes a me Offer for Bale v4>di are payable by Aroersham and which are not written off against sha« 

prermen accotnt will be treated as an axlraortfinary item and have not been taken into accouti to Ihe bxBcaste. 

Letters 


forecast tor tee year ending 3ist Maich, 1982. 
Letter from Coopers & Lybrand 
Thedtrccsors 

Amersham Wam^onaIpufc6c&htod company 
Dear Sirs 


London 
■Mte FeiStaiy 1982 


Trading and nafK Farecastein tee Offer for Sale dated 10th Fdbntefy. 1962. ere based on audted accounts tor thB sbe 


Cfrnion, tee profit toracaste, so ter as tee accotrtlns 
confoiled on the bass d tee assumptions made by the 


l»raado^foarivingi«teen^tlffltoriSCasts.to^HS , 
sra concemBd. have been property 


commitments IheCompany The Group 

£*000 STOOD 

CortradadtaffTrtptoindHdfar ■ - — -»■ 756 . 1.094 

AitfiohBedtiutnot cnntfa^ ■ ■ ■■ 399 621 

1.055 1,715 

{k) Pensions . The latest aiavlBf-vBl^tlors of tea hvoprincfodpenSonKtMmesad&Twiistaredty teeUKAEA 
fook place as af3isi March, 1979 aid 31st Mtnnh, 1980 respectiveht R.Weteon & Swb, Confiding 
flebsaios, have estimated teat as at these dates there were deficiencies in tee schemes on a 
dtaconitouance basis in respect of tee Company anounfingto £3.4m and fiOJm respectively Under 


Yours truty ... 

Coopers &Lytxand 
Chartered Accountants 

Utter from MiLRoftsdiDdi Sons UmHed and Morgan GranfeB & Co. Limited 

The dradors tondbn 

An)6rshamtotenaSontipubfcfimftedcomp»ty WtFbbcuaiyl9S2 

Derates 


does Ttottew^asig ^ tftog aa 58totfaeQ3mpany^ total ctH<T&tfere as ccmparedw^t^ 
farttecuieotyeac 

'Thedbfenedlab %fa rpBr ri nns 9 hc9untotiebalanc8dBStof8»Cta)p ra pW 8 Bal8<iees6nBlad 

yafaie pi ptytatonobO^oosaf the German subsKfiaiy ..... 


bffiesartocekijtattoris tor the forecasts. 7 ■ 

o ^torityW WMtefcrtee^OTei^g 31st MatclL 1382 por which you as cfcaciBS are 8<^fi!ttpaiBMB)h8M6 bean 


Yours vwytmfy 

ForN.MjWtsch3d&SonBUrrifid 
lvLJ.de R.Hchardsoe 
..CSmctor. 


Ybusfiai 

FbrMore 

R.H.K.I 

Director 


&Oo.Umaed 


share 






26 


Financial Times Monday ^ j 


Amersham International 



continued 


^ B ° IT fflT?« tfrectofs max subject to (i) below and to the provisions of the Companies Ads. exercise aB 1 ®J®P°*? rsof 


Statutory and General Information 

1« The Company 

(c) co ^ te ^ i33 °' ^ fe 


tenninaecl pursuant la the ferns thereof: 

“ 14 M ' Rffifsc * S Sons UmM and Magan 

s^scriHicn moneys for the new OnSna/y shares provisionally 
^ ”” Onfingy shares and foe Special Rigfe Preference share 

^ aJto^to ffeSeoBia^ cCSl^forEnerBy credited as ftjy paid as to pan by way otc^teCsafion of part 

S^SSS^^SS?SSI«^^^^SS^“^ ba ^^^ ,rf “ pilalisa,io " ofpat 

(mlfrtedreuor^yjEre geneidUy and unpond6onai y authorised. pasuantto Section 14 of the Companies Act 
. H foa ffiretevarfseatr lftes (as defined in Ihe said Section 14). consisting of Of related to Ordinary shams 
a9 ?S 9 ^ e nofT l i,ial va,UB of SS^OO-OO), such authority to expire on 9th February, 1387 unless 
previewstyrewked or varied by the Company in general meetng; and 

6(^1® { f’ rK3ora J*'® B S^en power to aflat equity securities (as deified m Section 1 7 of the Companies Act 
SnStpreSw^ OatffifgolSfeF^^ 8to ™ 88 * Section - 17n) o* *e said Act did not apply to the 

f t) to th e allotment of equity seasifies In connection with a rights issue in favour ot the holders of Ordinary 
5 ? res 1""!!?®“* securities attributable to each such holder are proportionate to the number ol Ordinary 

sn ares h^d by such hdder but subject to such exclusions as the efireclors may deem lit to deal with fractional 
ffrotiernenis, or pruotems artang in any overseas territory; and 

above) of equity securftfes consisting of or 


(2) to the aBotmenl (otherwise than pursuant to stto-pararaBph (1) above) 

reating to Ortfinary shares up to an aggregate nominal value of £750.000, the authority conferred by this sufr- 
P^graph 12) to ensure at the ccndusionot the first annual general meeting to be held alter 1982 at whrch it Is 
not renewed by ordinary resolution. 

. . OnlfflhJwie. 198t Amersham Japan Limited was estabished.lt has an issued share capita! of' YSOmfllion. 
of wmch Ira million was subscribed at par by BokusU Brown Coo^iany limited, formerly me of Amersham's 
Japanese dfetributois. The balance of Y81 rrultion wassubscribed at par by Amersfoam. 

Save as disclosed in this Offer for Safe; 

no share or loan capita] of Amersham or, save for Issues within the Group, of any of its subadiaifes has ssxe 
‘SH 1 February 1980 been issued or been agreed to be issued oris now proposed to be issued hJy or partly paid, 
either for cash or for a consideration other than cash; 

no commissions, dfeawits. brokerages or other special terms have been granted by Amersham or any of its 
saisicfianes smce 1 0th February, 1900 in connection with the issue or sale ot any share or loan capital of such 
companies; and 

no unissuKl share or ban capital of Amw^iam or o( any of its subskfiaries is under option or £greedcaxfaionaI!y 
cr uncondttwnaSy to be pUunderoptna 


(a) 


W 


to 


2. Borrowings 


On 15th January;l382 Amersham and tesubsttfeies had outstanding unsecured bank overdrafts of £1^38.000 

and term loans of £9,529.000 (£56,000 secured) including foreign currency borrowings by subskfiartes (prindpaly si 
US daflarsi eqiavalent to £1 ,994.000. In adcfition on 15th January 1982 Amersham and its subsidiaries had finance lease 
obfigafions Quesiancfng which, on the basis of capitalisation set out in the proposed Statement of Acoxmthg Practice 
'Accounting for Leases and Hre Purchase Contracts’ (ED 29), amounted to £2,162,000. 

Amounts in foreign currencies Included above have been translated into sterling at the relevant rates of 
exchange on T5tfi January 1982. 


As part of the arrangements far the Offer far Sale, the Company is repaying at par £1,619,000 of loans from 
HM Government. 


3. Articles of Association 

The Articles of Association of the Company contain,MBraSa, provisions to the fottowing effect 
(a) Limitations on Shareholdings 

0) ir any person acquires, or is de te rmined by the directors to have acquired, an interest in IS per cent, 
or more of the voting shares of the Company, i.e. the Ordinary shares and any other future cfass of shares with 
identical voting rights, (such person being referred to as a "Relevant Person" and the shares comprised r\ his interest 
' as “Relevant Shares") the directors shall serve written notice on afl those with interests in. and, it cfifferent, on the 
registered holders of, the Relevant Shares requiring a disposal to be made of such number of Relevant Shares as will 
cause such person to cease to be a Relevant Person (a "Reqtired Disposal")- Reasonable eviderce of such cfcposal 
must be supplied to the Company within 21 days or such other period as the drectors consider reasonable and which 
they may extend For these purposes none of (1) SEPON Limited or any successor of SEPON Limited as a Slock 
Exchange nominee; (2) the Special Shareholder referred to In (b) fi) below or the chairman of a meeting of the 
" Company or of a meeting of the holders of voting shares when exercising the voftig rigfris conferred on fian under the 
provi s ions referred to in (n) below; or (3) a Trustee (acting in that capacity) erf any employees’ share scheme of the 
Company win be treated as a Relevant Person. In attrition, a person win be deemed to have an "Interest" in voting 
shares if such interest whatever its size, would be taken into account in deddtog whether a notification to the Company 
would be required under Part IV of foe Companies Act 1981 (the “1981 ACT), save that interests which, wider Section 
THlKa).(bUe) and (j) olthe 1981 Act would be (Ssregarded, shall not (except those ot abare or custocfian trustee under 
the laws of England or of a snnpte trustee under the laws of Scotland) be osregartfed for the purposes of the Articles. 

- (nltf a notice served under (I) above has not been complied with to the satisfaction of the direc t ors, the 
Company shall, so tar as it is able, make a Required Disposal at the best price reasonably obtainable are! shall give 
written notice of such disposal to those persons on whom such notice was served Where, on a Required Disposal 
being made by the Company; Relevant Shares are held by more than one registered holder (other than joint 
holders), the same proportion- of each id en t i f ie d holding wffl be sold. In aider to effect a Required Disposal, the 
directors may authorise any officer or employee of the Company to execute the necessary transfers and may issue a 
new certificate to the purchaser, in such circumstances, the proceeds of any dsposal wffl be received by the Company, 
whose receipt will discharge the purchaser, and wifi be paid (without interest) lo the former registered holder upon 
surender by him of any certificate In respect of the Relevant Shares formeriy held by him. 

fin) A registered holder of a Relevant Share shaB not ii respect of such share be entitled to ibcovb notice of. 
to attend orto vote at any general meeting of the Company or meeting of the holders of votfag shares unta the Required 
Disposal has been made and the rights to attend (whether in person or by proxy), to speak and to demand and vote on 
a poll which would have attached to such share had it not been a Relevant Share wffl automatically vest in the Special 
Shareholder referred to n (b) (0 below ot; Mowing the redemption of the Special dere, n the chairman ot any such 
meeting. 

fiv)The Articles provide that the Company; Its merrtoeis and all persons Interested nits voting shares are bound 
bytheprovisionsotPart IV of tlw 1981 Act (before as weB as after such provisions come into force). Accordingly, members 
and other persons interested in voting shares are obliged to disclose to the Company, fafer ate, interests fri 5 per cent, or 
more ot the voting shares as provided for in that Act and the Company may also serve notices on persons requring them 


The Articles also impose an ob&gafion to (Ssdose to the Company certain other interests described in Section 
71(1) of the 1981 Act which are referred loin (i) above and which would otherwise be dsregarded imder that Act (for 
example, interests under a dscretionary trust and fife interests under a settlement) and the Company wdl keep a 
separate register of these interests. 

Under the 1981 Act. the Secretary of Slate far Trade has power to aterttienoti fl abte percentage under that Act 
from its present level trf 5 1 » cent It such alteration Increases the percentage to over 10 per cent such percentage wfl, 
far Ihe purposes of the Articles, be taken to be 10 per cent. 

(v) Unless the information contained in the registers referred to above Irxflcates lo the contrary, or unless any 
drector has reason to beSeve otherwise (In which circumstances file directors shafi use their best endeavours to In- 
vestigate the matter), the directors may assume without enquiry that a person does not have an interest in 15 per center 
more of the vo&ig shares. Ltoawise, they may, if they have reasonable grouxfe to believe so.determlne a person to have 
such an Merest and impose the restrictions set out in (S) above until such time as they are satisfied that such is not the 
case. 

(vi) The directors shaj not be obliged to servo arty notioe otherwise requfred under the aforementioned pro- 
visions upon any person whose identity or address is urfoown to them. Any decision taken by the drectore imder file 
above provisions shall be final and conduave. 


(b) The Special share 

(i) As wen as file Ordinary sharea.lhe capital ofthe Company tndude9 one Special Rights Preference share of a 
nominal value of Cl (the "Special share"). The Special share is held by the Secretary of State far Energy and may be 
transferred only to a Minister of the Crown or a person authorised in writing by such a Afinister to hold the same on his 
behalf. The holder far the time being of the Special diareflhe “Special Shareholder”) may require the Company to 
redeem the Special share at its nominal amomt on or after 31st March, 1988. 

(i) The Special Shareholder is entitled to receive notice of.and attend.all general meetings and meetings of tte 
holders ot voting shares but not lo speak or vote at such meetings, except when the voting riqhts of Relevant Shares are 
vested in him.as descrfiwd In (a)(iB) above.The fatiowfag matters shall be deemed to be a^ variation ot the rights attaching 
to the Special share: 

(1) the amendment or removal of all or any of the provisions d^cribed in this paragraph and parayaph (a); 

( 2 ) the voluntary wincfing-up of the Company, 

(3) any disposal which, alone gr when aggregated vtfth any other (Ssposal or disposals forming part of. or 
connected with, the same oracomected transaction, constitutes adtsposalof the whole ora material part of 
the assets of the Group; 

(4) any dsposal which.because of Itssize.is required by the Qoundl of The Stock Exchange to beconsented to 
or approved by Ihe Company in general meeting; and 

“ (5) ihe issue of any shares with voting rights not identical to those o( the Ordnary Glares. 

(ri) For the purpose of (a)(3) above, a part of the Growls assets shall only be deemed to be material Jf: 

(1) its book value, calculated by reference to the then latest audited consoBdated accounts or the total con- 
sideration to be received on its dsposal is not less than 25 per cent, of the boofc value of the net assets of the 
Group; or 

(2) the average profits attributable to tt represent at least 25 per cent of the average profits of the Group, 
bdnfe the average for the last three years tor whtch audited accounts are available and before deducting 
aM charges, except taxation and extraordinary Hems; 

and the book value of any assets and the attibut ability of profits thereto shall in each case be conciusivefy detamwied 
at the request of tiie Special Shareholder by tire Company's authors alter making such adjustments es ihey consider 
appropriate. 

(hr) On a return of assets in a windng-up of the Company the Special Shareholders shati be entitled to repay- 
ment of the capital paM up on the Special share in priority to any paymert to other members.The Special share confers ' 
no farther right to partiapae in the profits or assets of the Company. 


* Subiectlo the rightsand restrictions as lo voting referred loin (a) above and to any special rights or restrictions 

as to voting relating to any shares or class ol shares issued by the Company In the future, at a general meeting or the 
ConteWiy. on a show of hands every member who is present in person shailhaye one vote and on a poa every member 
who spresent in percon or by proxy Ghall have one vote tor every 25p in nominal amourri of shares of which he is the 
Meter, save that a member shall not be entitled to exercise such right to vote if he or any person appearing to be 
Interested in shares held bv him has been cMy served with a notice under Section 27 of the Companies Act 1976 or 
Section 74 of tile 1981 Act and is in defauft in supplying to the Company the information thereby retired. 


(rfl Variation of Rights 

The special rights attached to i_., .. „ _ 

ofthe holders ot not less than three-fourtfis in nominal valUB of the issued shares of the class or with the sanrtion of an 
axtraondinary resolution passed at a separate general meeting of the holders erf the shares of the class. At every sut#i 
separate general meeting (except an adjourned meeting) the quommshall be two persons holding or representing by 
proxy one third in nominal vaiue of the issued shares ol tile class. 


(e) Directors 

- WThednectarsCand their alternates) shaflnotbBiBqufred to hoW arty quaTiflcatfon shares. 


(ii) Each tfireaorshafl beenttled to receive remdneraiion for hfaservicesasatfitectoratsuchrate, not exceeding 
£10,000 per annum, as the directors may from time to time detamine.The Corttpanyin general meeting may Increase 
the amount of Die aforesaid maximum remuneration. . 

Any tSredor who holds any executive office (inctutlng far this purpose the officeaf ehaitmanor deputy chafrman, 
whether or riot such office is held in an executive capacity) or who senes on any committee or^ who otherwise perftxms 
services which, in the opinion of the tfredors.are outside the scope of tiie onfinary duties of a drector m^r be paid such 
extra remuneration by way of salary commission or otherwise as the directors may detemsne/ 

The directors may cause the Company to repay to any tfirector aH such reasonable expenses as he may Incurln 
attending and returning from meetings ol the directors or of any committee of the (tractors or general meetings or ather- 
vrise in or about the business ol the Company 

The directors may cause Ihe Company to pay and agree to pay pensions or other retirement, superannuation, 
death or ctisaMSty benefits lo (or to any person in respaS oft any *ector or ex-director and. tor the purpose of provldrg 
any such pensions or other benefits, to contribute to any scheme or fond or to pay premiums. 

(in) Save as provided m tiie Articles, a drector may be a party io,or in any way interested in, any centred or 


arrangement or iransactlon lo which the Company is a party or in which the Company is to any way interested and ha . 

' in respect of any office or place ol profit (other tiian (he office of aurfitor ot the Corroany or 


may hold and be remunerated , , 

any subsidiary thereof) under ihe Company or^any other company to which foe Company is in any way interes ted and he 
(or any firm or wtuch he is member) may also act in a professional capacity far the Company arany sudi other company 
and be remunerated therefor: and to any such case as aforesaid (save as otherwise agreed) he may retail tor his own 
absolute use and benefit all profits and advantages accruing to him thereunder or m consequence thereof. 

Save as provided in Ihe Articles, a director shallnot vole In respect of any contract or arrangement or any other 
proposal whatsoever in which he has any material interest otherwise lhan by virtue of his interest in shares or debentures 
or other securities of or otherwise in or through the Company A director shall not be counted in the quorum ata mestmg 

^retetoi to any resotoiton on vvWch he fa debarred from vrtir^. Where proposals are under consderatfon concerning 

the appointment (including fwing or varying the terms of appointment) of two or more directors, such propcsaJsmw be 
dhrided and considered to relation to each director separately: and «n such case each of the *edara concerned (ririot 
Otherwise debarred from voting under the Articles) shafi be entitled to vote and be counted In the tyxmi m to ws pegof 
each resolution except that concerning his awn appointment. The company may, subject to the proirigjons of the 
Companies Acts, by onfinay resolution suspend or relax such provisions to any extent or ratify any transaction not duly 

authorised by reason of a contravention thereof. 

(rv)Ateach annual general meeting.one tfwdofthedrrectofs far Ihe time being (or.BIhelrnumberbnotaniuffljia 
of three, the number nearest to but not greater than one third) shall retire from office by rotation. 

//of®* The ArflWes Of Asstxtottodonacontainanyprtjvisians varyuigar excluding Section H&rfth9Compgrte8A& 
19-te, which refafes to the appointment and nirement as dirgciors ofpwsons who am aged 70 orm 


the Conpany to borrow moneyt and to morig^e or chage fis undertaking, prqierty and uncaBed 

debentures and other securities, whetiier outright or as cofateral securiy tor any debt, Babfty or ol fejdfcin of the 


Company or of any third party 

(i) The drectors shall restrict the borrowings of the Company and shafi exertase aH vofag and other fShtecr 
powers of control exercisable by the Company In relation to its subsidiaries frf any) so as to secure (so fee as regaws 
substtanes, as by such exercise they can secure) that the aggregate amount tor the time being remaswg ousaraing 


compjted as providad in me Articles, shall not,without the previous sanction of an ordtoatyfesotofi m d t he f 
at anyfrne exceed an amount equal to one and a half times the Adjusted Capital and Reserves (ffi that w^ssaon s 
defined in the Articles). 


Loeafion 


4. Principal Properties 

The fallowing are the Group's principal properfes: 

De sc riptor! 

Freehotd.Haad office and laboratories of appranrnaHy 300 l 000 stpBefe«* o»a 
sited some 18 acres. 

Freehotoln(fagtrialsiteofappro)AndBly30ggesup pnwWdihapecm TtiyD^i 
built approximately 200^00 square feet ot office and HboratoryacctKtmooainn. 

. ... . j.a -■ ' 


vvhte Uon Road, Amersham, 
Bucki n ghamshire 
Forest Hall Rum, Canflf 


Harweff, 

nearDidcot, 

Qxtoitishto 


held on aleasefiwi the UKAEAtor99yrarefrem faWpri.1971 tfMl rare 

d £7.793 per amum reviewable (upwads only) at threeifearfyntevas. The 

ament rent Is £37,800 per amum. 


Corofin Road Estate, 
Gloucester 


Staffers Site, Littte Chalfont, 
Buckinghamshire 
Arfrtgton Heights. 
fiSnors, United States 


Brunswick, 

Federal Republic of Germ any 


ease iron! ist/san, laroaisn nuunuaiwe kw 
per annum reviewane (upwards only} d three-yearly totervais- The 
current tee is £ 12^00 per annum. 

Leasehold laboratory and office premises of approximately 18,000 square feet 
held on a lease from Chelsea Estates Limited far 20yeare l»«n 20th Snyjfa iKto. 
1974 at an Initial rent d E15JJ00 per annum reviewable (upwards orty) five- 

yeariy Intervals. The current rent is £27,000 per annwn. 

Freehold land dapporimaldy 3 affss designated te Ihe prosed naw head- 
quarters building. 

Freehold office, laboratory and storage premises of 84 JO Oa q ua re fart ta na^e of 
approxima te ly 11 acres. 

Freehold office, laboratory andslorage premises of 8Hroamate^54 J OOOsc?are 
feat 


& Directors’ Service Agreements ,,, . . . 

Afl executive drectore are cm srtosfantialty the sanw ronditiTO of servira as dmriTWrtwstf 

aggregate emoluments of the tfeectore tor the six months ended 30th September: 1981 amounted to £75.46 8 .Uri der8ie 
arangenwnts to farce at the dated this Offer for Sale the emdumentedthedrectors forthe jear endng3tst March, 
1982 are es tim a te d to amount lo £150.936- However the terms and condtions d servee of those tfcedtt ShcM ng 
executive office are being reviewed by a committee of the board consisting of the Chatman and the non-executive 
c8rectore.witti a view to bringing them into fine with those prevailing in comparable companies in fiwpriva teaBrfex ; 

There are no existing or propo se d service agreements between any of the directors of Amersham and 
Amers ha m or any of fts sttos toia ries. other than sennee agreements expiring or detonrinable by the emptoyfag 
comply within one year without payment of compensation (otha than statutory conpensafiaci). 


& Offer for Sale Agr ee m e nt , 

An Agreerr«rt dated lOto February 1982 between (1) the Secretary of State farE _ ... 

Rothschild & Sons limited and Morgan Grenfefl & Ca Lirrtted (“the PurcfiassreT.and (4) ihe directors of Amarsfvsn 
provides, inter aUa, far the sale by fiie Secretary ot State tor Energy to the Pcxchasers of^ 44,860, 000 Onfinary shares 
Itess such amber thereof as are given by Wm tar fi» benefit d employees under the special arrangements sat out in 
paragraph 7 below) at the offer price and the subscription by ihe Purchasers of 5.140,000 new Ontinary shares fa 
Amersham at the otter price. This Agreement is conditional upon the Councfl of The Sock Exchange admitting fiie 
Ordnaiy share capital of Amersham. issued and now being issued, to the Official List not tetter than 24th Frtauary; 1 
The Agreement provides for fees d £1.155,000 and £132000 together wifli W to be payable to the Purchasers by the 
Secretory of State tor Enemy and Amersham respectively The Purchasers wifi pay underwriting commission d 1% per 
cent, and a fee to the Broiwrs to the Oiler for Sale together in each case with VAT where appfiCBbte-TheAgreerawa also 
contains (i) provisions for the repayment at per by Amersham of loans from HM Government totalling £1,619,000. 
(i) certain warranties and representations by the directors to the Secretary of State for. Energy and the Purchasera and 
by the Secretary of State for Enenjy to the Purchasers and the cSrectors, (6) certain inderfjniiies by the Secretary of Sfate 
for Energy in lavoural the Purchasers (for the/nselves and as agents form! on behalf of an persons maktogsuccessW 
applications in respect ot the shares the subject of the Offer tor Sate end'd the underwriters), Amersham aid fiie 
efcrectors in relation to the contents of the Offer fcr Sate and (hr) provisions w hi c h permit the Secretary of State tor Eneqy 
and me Purchasers to terminate the Agreement, subject as therein mentioned, it, prior to the posting of Letters of 
Acceptance, they agree that, by reason of an adverse change in Ite relevant conditio n s, the Offer for Sale staid not 
proceed. 


7. Special Arrangements for Employees 

HM Government has made arrangemerts tor employees of Amersham to be offered, free of cost and A HM 
Government's expense. 35 Orctoary shares each (being the number nearest to, but not exceeding. £50 in value at ff» 
offer pries). These shares wil be held on their behaff by the Trustees of the AmershanShae ratiOTation Scheme 
refened to in paragraph 8 below (“the Schemer In adefitior. HM Government has arranged tor ary Ordinary shares 
not taken up under that offer together with a further 217,700 Onfinary shares to be avaiabtelo efigbte employees far 
purchase at the offer price (subject to a fimit of 350 Ordnary shares per employee and to acafing-down in the event of 
over-application by such employees); each emptoyee who purchases shares under thteaRangement and vests them In 
the Trustees wSl then have appropriated to him, free of cost and at HM Governments expense; an equal number d 
Onfinary shares to be hew on his behalf by Ihe^ Trustees. Att the Onfioaiy shares held by the^ Trustees underlhe Schema 
wffl be subject to restrictions on disposaL 


8. Employee Share Schemes 

The following are particulars of the two Schemes which fiie Company has instituted, boft of which have been 
approved by the Inland Revenue under the a ppr o p ria te statutory prov i sion s . Subject as mentioned beta* a United 
Kingdom employees (ndufing tfirectore hokfing salaried office or employment) ol the Growi are efigfale to partiapate 
in the Schemes; non-United Kingdom employees may be indudad at the discretion of the csectora. 

Share Participation Scheme 

The Scheme is constituted by a Trust Deed dated 3rd February, 1982 between the Company and Lloyds Bak 
Ptc as Trustees and may be operated In either or both of Ihe fofiowing ways: 

(a) the Company may provide the Trustees with funds to enable them to subsets and/or purchase OnSnaty 
shares which wa then be appropriated to efrgtole employees vrtxj indicate that they wish to participate in the 
Scheme: the amount of tiie funds thus made available, aid the amount available for each ncfvidual employee, 
wffl be determined by the rfrectors: and/or 


» 


eligible employees may be invited to vest in the Trustees Onfinary shares (subject to a specified maximum 
ham 


1 in conjunction with this Offer tor Sate in the manner described h paragratfi 7 above, 
I (provided by the Company) to HM Government tor the shares made available by HM 
ptoyees. Any further use wa be at the rfisuu tior i of the Company within the parameters 


vaLe], whereafter the Trustees will be put in funds by the Company to subsertoeandtor purchase a nunber of 
atfcMonal shares to be a ppropriated loefigtole employees accepting such often the ratio between the shares 
cortrflxrled by Incfividual employees and those acquired tor their benefit wfih funds provkted by the Company 
wffl be determined by the directors: 

provided that fi) the total funds so made available in any year may not exceed 5 per cent of tiie profit before taxation 
far the preceding financial year attributable to the Grab's United Kingdom operations. (6) an »ry occasion an which the 
Scheme is operated, all aigtoie employees mty participate on sonar terms and (fi) the maximum value of OnJnajy 
shares that may be appropriated to any Individual participant in any year slfall not exceed £5£00 or any lesser amount 
permitted under the appticabte legislative provisions (currently £1,000). 

The Scheme will be used in conjunction with this 

the Trustees paying the sum of £1 _ 

Government lor the benefit of employees. Any further use wdl be at the t fis craflo n of the Company within the parameters 
set out above, although (a) The (tractors expect that any such further use wfll be on a proffi-refated basis wBhin the bnfr 
mentioned above ana will be contributory and (b) there wffl be a service quafification of at least 12 months.^ The nurtber of 
Ordinary shares that may be issued under (he Scheme is limited to 2500,000 ii agcxegale (being five per oerff. of the 
CampanyS Issued Onfinary share capital Mowing the Offer lor Sate) and to one per cent of thi Company^ issued 
Onfinary share capital in any one year; the agyegate number (but not the percentage) may be adjusted in the event of 
any capitalisation or rights issue. Any shares so issued will rank par? passu with the Onfinary shares then in issue, »tef 
wffl be subscribed atjhar average market value on the four Iteesl practicable business days prior to fiie date of offer 
of participation; the Company will make ap p lica tion to the Counci of The Stock Exchange tar their acfrrission lo the 
Official Ust. 

As requred by the provisions of the Finance Act 1978 (as amended), shares acqiwed bv the Thistees at the 
ejpense of the Company will be held by them tor a minimum period of two years, during which they may not be sold 
accept In the case of death, the attainment of statutory pensionable age or cessation of service by reason of redundancy 
or disability For the following live years, the Trustees will retain such shares- unless the employee concerned wishes 
to sell or otherwise dispose of them; and thereafter will transfer them to the employee concerned- Shares acquired 
by an employee and vested in the Trustees wffl normaly be held by. the Tmsteestor two years, and wifi then be transferred 
to the enpkvee concerned. While any shares are held in trust under the Scheme, the respective employees wi be the 
beneficial owners, entitled to receive dividends and exercise voting rights. 

Certain provisions of the Scheme may be amended by the directors, but the baa; structure (and to particular 
the BmHations on partiep a tion and on the number of Onfinary shares that may be issued thereunder) cannot be altered 
to the advantage d actual or prospective participants without the prior approval ol the Company in general meeting. 
Share Option Scheme 

To join this Scheme, an emptoyee nxrst enter Into a Save-as-you-Eam Contract, thereby agreeing to make 60 
monthly contributions of htechoics (each with a minimum of £10 and a maximum of £50). * 

Each employee so joining will be granted an Option to subscribe Ordinary shares to the Company at a price 
determinedby the directors being not less than the higherof (a) 90 per cent of the average market vaiue of arch stores 
on tiie lour latest practicable business days poor to the date ot otter of participation and Tb) their no mina l amount. Such 
Option may.at the empioyee'schoiCB.be (or five or seven years; it will comprise, on the basis of the aggregate subscription 
price, the integral number ol such shares nearest to but not exceeding the amount of (in the case or a five-year Option) 
78 or (in the case of seven-year Option) 96 monthly contributions. 


. The maximum number of Ordinary shares to respect of which Options may be granted under the Schemes 
2 ^ 00:000 (being five per cent of toe Company's issued Otfinary share capital fallowing toe Offer tor Sale). Ttysfigure 
(but not Ihe percentage) is subject to adjustment in toe event of any c^xtatsation or rights issue. 

Otters of Options wffl normally onfv be made during the period of 3Q days following the preliminary announcement 
of the Company's final results for any year. In 1982 it Is intended to offer Options at the toO offer price In respect of 
approximately^ 1.000,000 Ordinary shares following the Offer lor Sate. No Option may be granted afler28th February;1992 
Options wffl normally only be exercisabte tor a period of six months commencing on the appropriate anniversary 
of toe inception of Ihe related SAVE Contract Options may however, be exercised eartier than this to the event of deaff£ 
retirement by reason ot injury risatxfity or redundancy or at normal retirement age (or, after three years, on early 
retirement! or on attainment of statutory pensionable age; in these circumstances, however; Options may oily be 
exerosed to an amount not exceeding such part of the proceeds of an Option holder's SAVE Contract as represents 
repayment of the related contributions together with any bonus or interest paid. Options are not transferable, and wffl 
lapse if an Option holder leaves toe service of the Group other than in the prescribed special circumst an ce s mentioned 
above. 

As soon as practicable alter toe exercise of an Option, the appropriate shares wffl be aHotled and issued to the 
Option holder concerned, whereupon they wifl rank pari passu wSh toe Ordinary shares then in issue. The Company 
wffl mate appficalion to foe Councfl of Tire Sloe* Exchange tor such shares to be admitted to the Official UsL 

Certain provisions of the Scheme m3y be amended by the (firectors, but the basic structure (and to parlicularthe 
determinatton of the subscription price underany Option, the rights attaching to Ordinary shares issued upon the exercise 
of Opttons.the periods within which Options may be exercised and the limitations on the number ol Ordinary shares over 
which Options may be granted) cannot be altered to toe advantage ot actual or prospective Option holders without th8 
prior approval of the Company to general meeting. 


9. Relations with the UKAEA 

Under toe Atomic Energy Authority Act 1971 (the “1971 Act"), the business of Amersham was transferred 


then occujXed and used exdusivaly for the purposes of toe business. The 1971 Act provi d ed tor toese and other ancilary 
fadWes to be made available on such terms as might be agreed between toe Company arte the UKAEA or, in default of 
agreement as the Seoratey of 5fate for Energy might direct- Most of the services, faeflties and premis e s used at HarweB 

to 1971 are sffl being used by the Company on terms agreed with toe UKAEA. The Company aso enjoys toe right under 
the 1971 Act to a non-exefusive licence covering aH inventions, designs or trademarks « the United Kingdom and 
elsewhere, which were agreed between the UKAEA anti the Company in 1971 as being requisite tor the purposes of 
Amersham's business, wtffle they remain In force. The Company and the UKAEA have accordingly over toe yeans 
entered oilo arrangements regulating the basis on which the Company uses toe services, faeffities and prem ises to 

vtoidi the 1971 Act applies and infer which prices are agreed Erom time to time. In addition to those covered under foe 

1971 Act arrangements, the UKAEA has granted Seances to. Amersham under certain paients/These licences have been 
taken up in Ihe ontitoary course of business. 

The UKAEA, In accordance with Its powers under the 1971 Act, also provides a smaB part of Amersham's 
sever for ils JiaWHJes under iteNUdear Installations Act IfifiS. 


10. General 


(a) 

(b) 

(c) 


(d) 


(0 


(9) 


W 


0 


The directofs have beer advised that following thb Offer tor Sale Amersham is unfficefy to-be adose company 
(as defined in toe Income and Corporation Taxes Act 1970 as amended). 

No material issue of shares of Amersham win be made within one year of the dale of this Offer for Sale without 
the prior approval of the Company in general meettog. 

Following tote Offer far Sale 10,000,000 Onfinary shares of Amersham wil remain unissued. No issue of shares 
which would effectively after the control of Amersham wffl be made without toe prior approval of toe Company In 
general meeting. 

No tfirector of Amersham has. or has had s'ncelOth February; i960, any interest In arty assets which have been. 

or which are proposed to be, acquired or (fisposed of by or leased to Amersham or any of its subskfiartes. No 

contract or arrangement subsists or has subsisted since 10th February, 1980 In which adlrectorof Amersham fa 
or was materially interested and which is or was significant in relation to toe business Of Amersham an0 Ss 
subsidiaries taken as a whote. No director of Amersham has any interest in aiy share capital of Amersham orany 
oi its subs dories. 

Mr. C. M. Beddow a drector of Amersham. is a consultant to Morgan GrenfdB & Co. limited. 

Since loth February. 1980 Amersham has entered into foe fofiowing contracts other than in theonfinarycourae 
of its business which are or may be material: 

(i) the Agreement described in paragraph 6 above; 

(ii) the Trust Deed referred ip m paragraph B atavg; and 

On) a letter dated 5th February. 1982 Tram the UKAEA to Amersham which recorded the agreement tort too 
method used by the UKAEA far calculating toe rale of return to be credited to the superannuation scheme 
accounts which it maintains for Amersh&n employees would, as from 1st April, 1981, be as deserfaed to toe 
section ertftted Pensions in Directora, Management and Employees above. 

Neither Amersham nor any of its subsidiaries is engaged to any litigation Or arbitration wWch. to toe optoion Of toe 
(Sredore,is of material importance and no legation or claim d material importance is known to the dredois to be 
wnding or threatened by or agsinsl Amersham or any of tis subsidiaries. 

The expenses of this Oiler tor Sale lindudmg the (bbs referred to in paragraph 6 above.slantp duty and capBal 
duty) are estimated to amount to £3.120,000, of which an estimated £2,450,000 wffl be borne by the Secretary 
of Sate for Energy The balance wffl be borne by Amersham. 

Coopets & Lybrand have given end not withdrawn their written consent to toe issue of this Offer for Sate with 
the industai thereto of their report and tetter and the references foereto to the fonn and context in wftich they are 
included. R. Watson & Sons, Coreiffling Actuaries, have given and not withdrawn their written consent to the 
issue ot this Offer far Sale with the inclusion tosreto -of references to their opfoins, estimate and advtae to toe 
form and context in which they are toduded. 

ACertificateof Exemption has bean g ranted by IhaCounddThaStacfcBcEhaqgn yvaa ai wmfertinn 39 ofthe 


SSSS®SSS6SSaBB»w»! 

tin Documents A«riIabIeforln^ectfon 

■n» fallowing documents or raprestha 
House. 99-67 Gresham , 

fcftjwtog toe date rfpuMcrtitto of Ihfe Offer tor- 

Letters of Accept an ce: 




(d) toe report of Coopers & Lybrand; and 


the ShaeOptfen Scheme Ridas. 

Dated lOBifthuats 1982 

andobsaving any Off tantfegas needing to tee <*>san«rt ^7?^ 

: of shares: 


nwsf toS^^ for toetoftwrigi 

A pp frcations tor aver 100 ,000 shares; 



In mtitiplesof SOOT shares 
Inmul|de8afi%0oaah»s 


TlteAppBcrtion Form contains adedaraBonrtoberiiade 

redstration aopflearion form on tetters of acceptance aid mostb emadem wi refflswmgrerMhgafaora. .■ 

betaw). Photostat copies of Ap pfi c q te nFcfiTgvirt notbe accepted. ■ >,,«• ■Vrii fimwi f i tV i V --- 

be made peyStSStonal aifo t»«ossed^foiNw^WtoiWgrftoe WiTOrt 

pajfebte. Acheque or a banker* draft must be drawn on a branch, m England. Scotand, waesjitoraietoU ufaatU* ■ : 
Channel tetendstyfi»latecrfMaROfabanKwfachteeitoertfmerTtoeroftte.LondgnocScott^aBrtnff»taaesBf;. 
•iMpchhaaTOmoed tor Its cheques and banterfe drafts tobedeared t hrough the tecBfites prov ided tor the qi artieiscf 
ftose-Ctearing Houses (and must bealhe appropriate sorting cods nurroer to ilhe top ngnt r and gormrL Tte; right - 
Is reserved to present afl cheques and batter's drafts far payment or receipt, to reject any aepacattay indoefing 
muBfoteorsuspactBdmuffiple 8ppfications,and to retyto Letters of AcOeefenceartosxplitewBaDOri mains pending ; 
clearance of the cheques and bantetfe drafts of successful apjtfcants. Due congteflon md cteh ery rt mfo faBon , 
Foonacconsaarted by a cheque or banterta draft wffl constitute an undartakrngjnat.a rch ch e que ior banh ailgdtaifbffli. 
be honoured on first presentation; attention is drawn to the statement m toe Appfcafion PwnitotoBlrtfett^prtaapos 
wS be kT8vocabteunffl25to February 19Q2 and may only be revofoad after that dafeto IfwextsTinrt accepted poacto: 

«atptofrevDcadoa -• ■ 

Five per cert.ofAm9»dwmVissuedOnSnaiy s h a re crt ffl affatowing the Offerfor S^, bei ng 2jDq,Q0psh»as^- 
is reserved far employees. Of this numbera maximum of 272,125 Onfinary sha res, wifl be o ffere d fraafar tta benefit of 
employees by HM Government under toe special arrangements described in pwajaph 7 of St ately and General f 
W on nation.lTiebtiance together wkh ariy shares to respect of which such offers are not accepted *Jt»n3aftvedfar-~ 
appicafcn by emplpyees under toe Offer tor Saie^riy reserved shares nottakenup btyemglqyeeswfl.faaiMUite fcr 
pifoficappfications. 


QtrfUimaUlWBiWH IBIMUIMiaiW HICUUUIM m 111 j 

share capital of Amosham , tend and now bring issued, to Ihe Official list rot teller toan 24th_Fabruaty 1982J ns Otter 
far Sale is also conflttonal upon toe provisions retting to terinlnstfan referred to In parMraph 6 tf Stattoayand General 
I n formation not bang implemented. Moneys collected in respect dt appfic ations wB be returned VtMherof fosse 
conrfitions is not satlaed and in Ihe meantime wffl be held by National VtestmaTSta~Banlc Pl Cor at toe te qk of Bigfand 
in a separate accorrt. If any applications are not accepted or are accepted in part onfy, ihe appBcattxi moneys or toe 
balance thereof, as the case may be, wffl be returned to applicants. No interest will be pod on any monmeretumabto to. 
appiicanls. which wffl be sent through toe post at the. risk of toe applicants concerned, ftjs expected that Letters of 
Acceptance wffl be pasted tosuccessfal appfcartswifoln seven d^s of notlficalxjn; to The Slock Exchangfiofftiebasb 
ofafiocation. ' - -r 

Letters of A c ce ptan ce wlff be renounceafate up to 3 jim. on 26th March. 1982^ The shares now faetog offered 
for sate wffl be regfeterad free of stamp duly and registration teas to toe names of toe appfcants or persons ffi whose 
favour Ldteis of Acceptance have been renoanced, provfdbd that in the case rtrenur batign, LeOetsof Acceptance;; 
duty completed in accordance with foeinstructkxis contained thereto arelodged for regfetratiOTOTOTbrt3re3pJD,bn 
■ 26th March. 1982 Share c er t i fic ate s wffl be despatched not later than 23rd Apti, 1982. • .• .. %' 

Cortes of tote Offer far Sale are ou^afaieln London from: 

N.M. Rothschild & Sots LfenBnd. Morgan GrenCaH& Co. tkrilad, - 4 'V. 

New Cowl St Suwthin's lane, London EC4- New Issue Department, 21 Austin Rfare^LofidcnEC2 

Cazanove&COr national Wrattmli atw Ban fcPlA 

12*Sficanhoiise Yard, London EC2 New Issues Depertment . Orapera Garifaos, '• 

12 Throgmorton Avenue, London K2 


bodies fntheLondon area should coftect copies ofthls Offer tor Sate orty from fLItRcthirtiHft Sons I 
Outside.London, coptes are svdabie from: ' ’ 

Am ersham NationalVVbstnwistBrBankPLA . " Ed lnburtf l NatfanafWfestmfroierBmfcPlji 

Oakfield Comer, Hffl Avenue. 80 George Street, Ednburgh. 

^ " Gbssiw - NafiwadVIfestiiwMterBteAPtJC; 

Bete8t «aylfa^SQW.Gfesgoty 

88 hfigh Slrset, Balast, Northern fTBtaiXL . 'MafLinni muifmiuLtiu narji - rn r- 

Binningham National Westminster Bank PLC, . t*** ftfeJtoortWjrtiJrtBrBMIcHft .- 

8 Bennetts HM, B lr m kigh a m . .- 8 Raric Rove Leeds. • ••*._; .. 

Cardiff National Westminster Bark PLC, . Manchester National Westminster Bark PLC; 

117 SLMary Street, Carcfiff. . ... . 55WrigSfreetMarichastai: . . ,■ 

INSTRUCTIONS FOR RAYMENT AfiE) DELIVERS . • 1 ‘ ^ 

PAYMENT. Each application must be accompanied by* sepa rate rtarifnn iChequBi banhwls draft or 
Girocheque, which must be made payable fb “Natiooel .W B utm t nstcr Ban^ PLC" and iw crossed ^Not 
NegottaWe", in respect ofthe full applfcafron moneys. * ,■ 

A checare or a banker^ rfiatt must be drawn ona branch, in England. Scotland. ^ Wafes, Northern 1rebnd,Ine 
Otannel Isfencs or ttw Iste of Man, of a bank which Is eKher^ mamber tflhe London or ScottfafTCteerfhg Hotmsor 
wftich has arranged tor its cheques and badtafeifrafts to be cleared through toe facittes provided far toe members of 
those Ctearinn Houses (and must bear the approp ri tee sorting code number Inthe^ top righthand comer). 

DEUVERY. This appficfaliort, together with your payment as above, should be posted or be lodged by hand so 
as to be rectived not teter toao 10 ajn.on Thursday IBIh Februeiy^1982 by National Westminstw Baric PLC, 
New Issues Department, P^). Box No. 79. Drapers Gardens, 12^ Throgmorton Avenue, London EC2P 2BD, or 
lodged by land not later toan 3J0 pjn. on Wednesday. I7tti February, 1982 at one of the branches rtNationai 
WsShmsterBarirPlGorlteterBariclirnifedoriSideLondanflstedabcwH. ■ 


I” App 


lication Form 


i 


The Application Listwill open atlO am on Thursday, 18tti 
February/ 1982 and may be dosed at any time thereafter. . 


TTfeAppication Form wftw compteted fflnuld boJorwarded,Wg9lf»rw&h yowrenUtanoa tor tiia 
abb, in aaxnlwice wfih file iraBucttonBprtilBdabwe_- ' : . 


ftfflanoirt payable, l 


I Amersham International 


I 


public limited compare 

(ttnporetad ixidarlhB Comparte Acts 1M8 


tot9671fa.1002fflOJ 


Offer for Sale of up to 50,000,000 
Ordinary shares of 25p each' . 
at 142p per share 

N. M. ROTHSCHILD & SONS LIMITED 

and 

MORGAN GRENFELL & CO. LIMITED 


NuKar at Oi*wy Mw fcr 
toidi wyAtean Sri«dB«- 

AaiMiarpwnMm 
stotowdfr* ■ . 


£ 


pin 

top toft 


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ctwepw/ 
draft 


-Mppttam mna be torn mtatounonaa stores «d I 
App latigm tar ml men ten, OOOrtKts- 
Andctem faww iXOOriimind not rant tai KUDO rianu 
AqitaflM lor owr tODDD Swa art nor more ann ZSflX) Sans 
Afftkafcwr to owsrSJHJSBire srrt not raamnsnncunrtwa 

totetlonstotwa 00^00 Shati' 

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torwfflpfeolSn dares I 
h «dDpB3Dh.00a dans 

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FOR OFFICE USE 
ONur- 


LMarofAccaptanoB. -J 


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5. Amount psyifala on- I 

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TbrN.M. RoOwchfld & Sons UmJtoO «nd Uoroin GrantoU iCa Urnttod - • .".v : 



savsasaaesia!^&SlSSSsS!BJSilU 9 sfesss?; 

satoulin said Ofer tor Sate. 


in accordsnceriB! M hatiuctfons 



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'ferns dotted tn file said Otfer lor 




BonmrrmMQnm 


Sumarae and designation (Mt. Ms, Hss or Wto) 


ALLJOWTAPPIJCANTSVUSTSKW. 
Tl» atgnaam on behalf of a corpora* 

should herot of adUyauhorbeJoffo 

v«KMtxiuidatflUttecnraacfteiwcapacty 


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BUILDING AND CIVIL ENGINEERING 



PRESS 


Biimie leads in Peru 


THE- APPOINTMENT of Biimie 
and Partners, the- British -canr.' 
salting engineers, to lead ah 
international team for ‘the 
deagnandtenderstages;^^ 
£250m water transfer scheme in 
Peru’ represents the .culmina- 
tion of .aver ,12 years pre- 
liminary work by the 
consultants.- 

Studies tor tile Andes project 
have 'been in progress - since 
1969 when Biimie began work-. 

an: the scheme.-.': ... . . 
-The - Pttinian-^ Government' 
has now named the firm as* 
leaders of a gronp.of consultants' 
which, will include Kennedy and - 
Donkin - of - Wokjn& Zurichcmp • 
suit of Svfitzerland, and the 
National Engineering Labora- 
tery <NEL) P East - Kilbride. . 

. The I. proposals involve the 
faansfer of water Jrom the 
River Mantaro* on the eastern 
side of the Andes- to the River 
Rimac, Which Bows through 
Lima,: Peru 1 *: capital, into the; 
Pacific. . Ths [scheme will sub-. 

; stantially- ...increase electricity 
production in Pero,TandL 
Lima’s water requirements to . 
the end ' of the century. - 
- Fern’s demand for water is., 
already providing a valuable 
source of work for international . 
Civil engineering contractors. A 
six-nation " couso rtium. including 
Tarmac of the UK, is well on ' 
tile way to completing the huge 
Jffajes Irrigation scheme, a 
■E300nu construction project de- 
signed ; to convert 150,000 acres . 
of dead pampas into arable land. . 
Further extensions • to the . 
scheme could provide contracts 
worth three times that figure. 
.Tarmac itself must stand a good 
chance of -winning at least some 
of -the Mantaro work. 

■. As with Majes, most of the 
Mantaro scheme will involve 


construction work at high 
altitudes, -varying • between 
3,500 and 5,000 metres (11,500 
to 16,500 ft) above sea level.. 

r Two large pumping stations' 
will lift the water from -the 
Kiver Mantaro up 'the eastern 
ride of the mountains. Each 
station will house five pumps, 
each capable of lifting 4. cubic 
metres/second (880 gals/sec) 
against a head of 300 metres 
( 1,000 ft). 

If is in' connection with- the 
pumping., stations ■ that the 
other, members' of the consor- 


t:*T- at* 


mM 




tium will be engaged. Kennedy 
and Donkin will be looking at 
the problems of designing and 
installi n g 220 kV power. lines 
from the west to the east side 
of the Andes and providing sub- 
stations, at .the pumps. 

. Zurichconsult will be working 
on the pumps. As v Swiss 
engineers they have a wide 
experience of hydro-electric 
work and large pumps, and the 
Andean facility will be handling 
unusually heavy loads. 

The National Engineering 
Laboratory will be carrying out 


UK CONTRACTS 

Friary Site 
phase two 

THE GONTRACTfor the second 
phase of redevelopment of the 
Friary Site in the centre of 
Guildford is worth £8.75m to 
Y. J. LOVELL (SOUTHERN), 
part of the Lovell Construction 
Group. . 

This is a prestige project for 
MEPC, and a seven-storey block 
has been- pre-let to Sterling 
Winthrop which has already 
moved into office m Phase One. 

Phase two offers parking and 
five floors' of offices (with board- 
room facilities at the top) with 
fuUygiazed . enclosed bridge 
Saiks to phase one at three 
levels,- - 

An- -important focus- in the 
derign is~a triangular atrium, a' 
.heated and ventilated core 
cqvered . by pitched patent 
• glaring , to be fully landscaped 
-with trees and shrubs. ■- 

Rather than conceal air con- 
ditioning ducting, the architect 
has chosen to use colour and 
.make it a vertical feature within 
-the atrium. 


WORK IN London worth over 
£6m has been awarded' to the 
southern division of FAIR- 
CLOUGH BUILDING. 

The largest scheme is a<£2.3m 
four-storey office block in 
Mohck Street SW1, now under- 
way for Centrovindal Estates. 

•' Work has started also on a 19- 
storey development of 18 luxury 
apartments in Avenue Road, St 
John’s Wood, where IFH Design 
and Build Iris placed a £2,2m 
contract 

The company’s divisional 
building services department is 
to carry out a further phase of 
refurbishment at . the . Royal 
Court Hotel, Sloane Square 
under a £l.lm scheme for Nor- 
folk Capital' Group. 

Other jobs for this, depart- 
ment are £$m worth of re-, 
roofing projects in the boroughs 
of Kfegrion-upon-Thames and 
Wandsworth; and refurbis hing 
30. occupied homes in the 
borough of Merton. 


AN ORDER for £4.75ra has been 
received from Sir Robert 
McAlpine Management Con- 



90 years 

‘ International Fair 

: - PLOVDIV, BULGARIA 

Being-one of the 10 most renowned in the world . 
the Plovdiv Fair complex extends over 510,000 
sq; m„ out of which 165,000 are exhibition stand 

- grounds: -- \ " 

In 1982 the following international events will 
.-.beheld here: 

' 2mf INTERNATIONAL SPRING FAIR ... ^ - 
• • ior consumer goods and foodstuffs 

September 27-October 4 ■ ■ . 

" 38th INTERNATIONAL AUTUMN _ / ., 

: TECHNICAL FAIR 

' Excellent conditions and best opportunities for 
creative work, business discussions as wen as 
many leisure activities to enjoy are offered to 
~ exhibitors and guests. ■ 

For detailed information contact: 

Plovdiv International Fair 
4018 Plovdiv 

37 G. Dimitrov Blvd. . 

Tel: 5 ’ 3 i" 90 ,£ 31 45, 5 31 46 
-Telex-:- 44432- -Cable: Panaira Plovdiv 

Bulgarian Chamber of Commerce and Industry 

- Sofia itiflO " , • 

..ll-ASfeuiihQlii^IdBlvd. ’ 

Tel: S7 26 31 ’ t - 

—Telex: 22344 -Cable; Torgpalata Sofia •• 

- AUBulgarianrTrade Missions abroad 


tests- on the pumps at the works 
where they are built, and again 
when they are installed on rite. 

As part of the scheme, Lake- 
Junto, a large natural lake in 
the mountains, - . will be 
enlarged. Other features of the 
project include construction of 
35 km (about 22 miles) of 'large 
diameter pipelines and canals, 
building a how reservoir- at 
Carispacoba and enlarging the 
reservoir at Msrcapamacooha. 
This Will entail the construc- 
tion of a 35 metre (115 ft) high 
earth dam .in an earthquake 
area. 

Water will be released from, 
this - reservoir through the' 
existing trans-Andean tunnel — 
to be enlarged under a separate 
contract being prepared by 
Binnie in association with 
Motlima of Peru. When the 
water readies die western side 
of the Andes it will flow 
through existing and new 
hydro-electric power stations to 
a water supply intake just up- 
stream' of the dly of Lima. The 
city's: present water supply 
comes' from the River Rimac, j 
from ground water and from 1 
desalination schemes. I 

When the first stage of the 
sdieme — including a new power 
.station — is .complete (target 
dale is 1986} the increased 
water flow to Lima will reach 
440m gallons a day, an increase 
of 20m gallons a day. 

Binnie ’ and Partners wiM 
complete tender documents 
within 12 months, and working 
drawings in 21 months. Site 
work should start about three 
months later. 

Value- to Binnies of the con- 
sulting contract and the tunnel 
enlargement project is about 
£2.25m — financed by the World 
Bank, 

TONY FRANCE 


tractors (on behalf of Greycoat 
London Estates Victoria) by S. 
W. Farmer subsidiary, S. . W. 
FARMER AND SON, for the 
structural steel decking for the 
Victoria Station rail air ter- 
minal offices. 

About 5,000 tonnes of struc- 
tural steel and decking make 
up the order to form a raft 
above platforms 9 to 19 above 
which is to be a 20,000 square 
-metre office block. 

Detailed engineering has 
already commenced and fabri- 
cation will be carried out in 
Farmer factories in London and 
Leeds. 


TESCO STORES has placed a- 
£3.3m contract with COSTAIN 
CONSTRUCTION for a store to 
be built at Bromley-By-Bow in 
London's.- East. End. " 

- Construction comprises a part 
single- and part two-storey 
store with concrete foundations, 
reinforced, concrete frame, 
brick' and -blockwork walls, 
metal deck fiat roofing on steel- 
work with perimeter tiled 
mansards. 

- Costain will also install 
sprinklers, vent, plumbing ser- 
vices, finishings, external drain- 
age, car parking and associated 
works. 

Work has. just started with 
a completion target at the end 
of this year. 

TWO NEW contracts with .a 
total value of £2m have gone 
to Bradford-based TOTTY 
BUILDING GROUP. 

One covers, improvements 
and repair of 133 semi-detached 
houses built in the 1930s at the 
Ravenscliff Estate, Bradford for 
the City of Bradford Metropoli- 
tan. 'Council, and the second 
involves construction of a mix 
of 52 dwellings at Beeston, near 
Leeds, for Leeds City Council. 


CONTRACTS . • TOGETHER 
worth £1.81m are announced 
by FRENCH KEER CONSTRUCT 
TION which is to start at once 
on a £1.35m scheme for the 
construction of Stoke Bridge 
and approaches for Suffolk 
County Council. 

Work an the construction of 
Godney water tower, near 
Spalding, is for the Anglian 
Water Authority and this 
£468,000 scheme expects to take 
about a year to complete. 


Cut-throat tenders 
hit heating industry 


New Billingsgate Market 

BY COUN AM£RY, ARCHITECTURAL CORRESPONDENT 


CUT-THROAT pricing continues 
to dominate the heating and 
ventilating contracting industry, 
although there are some signs 
that the recession which has 
provoked such fierce competi- 
tion may be bottoming out. 

According to the latest state 
of trade inquiry conducted by 
the Heating and Ventilating 
Contractors' Association— which - 
recently accused the British Gas 
Corporation of unfair competi- 
tion — the number of members 
reporting increased orders or 
rising output crept up slightly 
in the second half of 1981.- The 
number of contractors operating 
at full or almost full capacity 


remained, however, at just 
under 50 per cent. 

At -the- same time, over 90 
per. cent .of heating and ventil- 
ating specialists said that fen- 
der prices were “over-keen" or 
below the point where they 
made any economic sense.' 

The survey indicates that 
levels of operating capacity are 
reasonably consistent through- 
out (he UK while, in the face 
of the recession, companies 
have continued to slim down 
via natural wastage or redun- 
dancies. Apprentice intake has 
dropped further and there is' 
serious concern about future 
availability of skilled man- 
power. 


Raising fiat-roof image 


JOINING THE existing 400 or 
more - various . organisations 
either connected with or wish- 
ing to influence the building 
industry is the newly formed. 
Bituminous Roofing Council. 

Its aim is to alter the bait 
name given to flat roofs over 
the last few years. A reputation 
which has grown from an in- 
creasing number of faults and 
problems found in this side of 
the industry due, says the 
Council, to ignorance of 
modern technological tech- 
niques and advances in new 
materials for fiat roof applica- 
tion. 

A considerable fund of 
knowledge end expertise is now 
available, gained largely by 
materials manufacturers and. 
roofing contractors through 
research, development, and 


actual experience in Instal- 
lation. 

Representing the two main 
industry ends of the flat roofing 
spectrum (the producers of 
primary -flat roofing materials 
and. those who want to instal 
them) the- new body, will co- 
ordinate and make available ail-, 
up-to-date information on 
design, materials selection and 
installation for flat and low- 
pitched roofing systems. 

Technical information sheets 
will be issued in a series which - 
will create an authoritive com- 
pendium on all aspects of ' flat 
roof design and construction 
and, through the BRC Flat Roof 
Advisory Service, guidance will 
be offered to owners, architects 
and anyone else involved in 
specific projects. 

More ou 01-828 7672. 


What’s new in building 



How the ‘ Clic ’ is fixed 


A SIMPLE and speedy one 
piece nylon dip is now avail- 
able for fixing conduits (steel 
or pvc) In air conditioning, 
plumbing, - communications, 
and so on. 

Made from Polyamid, the 
Clic which comes . from 
Switzerland, has a slot to take 
M6 Steel plate for stud 
mounting, or is simply 


screwed to a surface, the con- 
duit fitted in place, then the 
dip dicked shut It can be 
released any time with a 
screw driver or the edge of .a 
coin. 

In a number of sizes in light 
grey, dark grey or -black, it 
can be ordered from Protec- 
tion and Control Systems, 15 
City Road, Finsbury Square, 
London ECI (01-628 0338). 





CEEbloc power distribution unit 


A "NEW low cost lightweight 
four-way power distribution 
unit has been launched by 
Tripower to provide safe 
power, wherever needed, in 
industrial • or agricultural 
l ocatio ns. The new 240V unit 
(CEEbloc) ' provides four 
angled splash pro of outlets 
and is made in a tough oil 


MADE FROM "Finnish birch- 
wood flakes, a - new struc- 
tural board has been de- 
veloped, said to be compar- 
able in strength to plywood, 
anil with technical character- 
istics enabling it to exceed 
the performance' of particle 
'board products. 

Birch flakes, 0J2 mm thick, 
are bonded under pressure 
with 1 a melamine adhesive. 


resistant rubber easing 
measuring 355 x 101 x 100 
mm. With its integral earth- 
ing facilities, CEEbloc has 
been designed to ensure the 
safe convenient use of afly 
electrical equipment away 
from the mam power source. 
It fully meets BS 4343 1968/ 
CEE 17 and costs £29.50. 
More on Marlow 3040. 


Made by Metsalition Indus- 
tries in Finland, the board is 
stated to be weatherproof and 
can replace plywood down to 
4 mm thickness. 

It can be used In house 
building for cladding, floor- 
ing, roofing and decoration. 

Board sizes range np to 
5500mm x 2550mm, and 
thicknesses from 4to 22 m m 
Details from Fiimforests 
on 01-251 2671. 


' WempIea^to'amiouDoe 
. . the election of 

Rockwell A, Schnabel 


President 



700 So. Rawer Street. Los Ange/es, CA 90017 •(213) 625-3545 


BATEMAN EICHLER, HILL BEHR LEASING AND 
RICHARDS, INCORPORATED FINANCIAL 
(BROKERAGE) CORPORATION 


BATEMAN EICHLER, 
HILL RICHARDS' 
REALTY SERVICES, INC. 


BEHR MANAGEMENT 
CORPORATION 


BEHR OVERSEAS B.V. 


A NEW chapter in iSe history 
of Billingsgate fish market 
begins this week with the 
official opening of the . new 
market buildings in West India 
Docks on. the isle of Dogs. 

The film market has moved 
downriver from its former 
premises between .London 
Bridge and Tower Bridge to 
enable a road widening , scheme : 
to proceed and to leave the way 
dear for &-£75m redevelopment 
scheme, details of which, were 
unveiled last week. . 

‘ The new market buffding, in 
appearance -like a fully-rigged 
ship, may initially lack the 
traditional atmosphere of. its 
forbear but is an exciting struc- 
ture that will undoubtedly, 
prove more efficient It is not 
surprising, therefore, that 
architects Newman Levinson, 
and Partners has been asked to 
prepare proposals for the new 
fish market building in Mexico 
City. 

Newman Levinson Ja a prac- 
tice with a reputation for 
Industrial and commercial 
buildings,, including a large 
number of industrial estates' 
and shopping centres like the 
Superstore for Wimpey 
Property Holdings iia Bourne- 
mouth and the supermarket and 
offices for J. Sainsbury at New, 
Barnet. 

The most strikingly visual 
feature of the new Billingsgate 
market — completed on schedule 
in just 18 months— is the frame 
from which the roof is sus- 
pended. * 

It is the skyline of. the new 


market that is its most distinc- 
tive feature. The whole of the 
market h^ll roof is suspended 
from mast-like trusses which 
rise high over the roof. Replicas 
of the old. weather vanes 7, are 
fixed to this new structure. The 
steel masts- and the space, frame 
roof ensure that as much column 
free space as passible is pro- 
vided. 

The modern structure incor- 
porates an existing 700 feet long 
early 20th-century reinforced 
concrete ' building known as 
Shed 36. The concrete is bridk- 
dad which helps to create- a 
more traditional: market atmos- 
phere. The main market hall 
covers an' area of 38,621 sq .fr 
and is surrounded by traders' 
shops with a gallery for offices. 

Requirements that are pecu- 
liar to a fish market have been 
skilfully met— particularly the 
rigid fire restrictions, insulation 
protection and the demand for 
minus' 20 degree ' Centigrade 
cold store. Special tanks have 
had to be provided for the 
boiling 1 of lobsters; 

Thp chief drawback of the 
old market was congestion. 
Here the -parking and traffic 
separation should remove any 
chance of lorries blocking 
routes. -The market hall trade 
vehicles -are separated from the 
cold store and restaurant sup- 
pliers. A vehicle service sta- 
tion is provided on the site. 

The use of materials charac- 
terises. the serviceable nature 
of -this building. Coved skirt-, 
mgs, ceramic • or • terrazzo 
finishes make it easy to clean 
and.. floors are non-slip. 



PRESS 


WOW Press GroHpLTdffi-352654^ 

Start on new : 
British Library 

BUILDING IS expected to be- 
gin in March os the £S8tn first 
stage of the new British Library 
building in Euston Road, Lot* 
don. ‘ ■ • . 

The -first contract, worth 
£5 . 2 m, has been placed with 
Lilley Construction and covers 
the sinking of pile walls enclos- 
ing the four basement levels, 
excavation (including the re- 
moval of existing foundations), 
and the installation of piles to 
form a foundation for the new- 
building. 

Work on the superstructure 
is due to follow in 1984, 

Henry Boot in 
Hong Kong 

AS PART of Henry' Bootfs 
development overseas, a new- 
international company called 
Henry Boot Clapham has been 
formed in Hang Kong to under- 
take major landscaping con- 
tracts in the territory. It will 
draw on the combined expertise 
of Henry Boot Far East in the 
civil engineering field and 
Clapham Landscapes which 
operates as a landscaping com- 
pany both in the UK and abroad. 


BUSINESSMAN’S DIARY 

UK TRADE FAIRS AND EXHIBITIONS 


Date 

Current 


Feb 16-20 
Feb 17-19 

Feb 21-23 
Feb 21-25 
Feb 24-25 


Feb 24-26. 

Feb 28-Mar 4 
Mar 1-4 


-Mar 2-6 


Mar 4-7 ...... 

Mar 7-9 

Mar 9-13 .. 

Mar 9-20 
Mar 9-Apr 3 
Mar 14-17, ... 


: Mar 14-18 


Title 

International Men’s and Boys’ Wear Exhibition 

(021 705 6707) (until Feb 17) 

Ideal Home JEbddbltlon (0202 28475). ...I.............. 

The International Swimming. JPool tod Leisure 

Show (04912 77866) 

Video Software Show (01-686 S00) 

Scottish Gifts Fair (01-855 9201) 

OH, Gas, Petroleum and Process Rant Exhibition 

(oi-637 8841) ....; 

Unit Load Show (01-908 2122) 

International Light Show (0248 8S396) 

Hydraulics and Pneumatics • Exhibition (01-839 

5041) — .... 

International Production Engineering and Produc- 
tivity Exhibition and Conference (01-747 3131) 

National Glazing Exhibition (01-686 2599) 

Footwear tod accessories show (01-739 2071) 

The Business Enterprise Show (01-636 3716) 

Chelsea Antiques Fair (0727 56069) 

Daily Mail Ideal Home. Exhibition (01-222 9341) ... 
International - Glass and ' Glass Technology 

Exhibition — GLASSES (0378 77966) 

Auloquip Exhibition (01-235 7000). .; 


Olympia 

Assembly Rooms, [Worthing 

Wembley Conference Centre 
Heathrow Hotel 
Kelvin Hall, Glasgow 

Bloomsbury Centre, London 
Wembley Conference Centre 
Olympia 

NEC, Birmingham 
Olympia 

Cumrd International 
Exhibition Centre, Harrogate 
NEC, Birmingham 
Old Town Hall 
Earls Court - 

NEC, 'Bi rmingham 
Olympia 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Current ... 


Current 


Feb 15-18 

Feb 23-26 .... 

Feb 23-27 .... 

Feb 25-28 .. 

Feb 27-Mar 3 

Mar 2-6 

Mar 58 

Mar 7-10 


Equipment and apparatus for drug production and 
testing exhibition (01-235 2428)' (until -Feb 18) 
International Trade Fair ior Watches, Jewellery 
and Silverware— INHORGENTA (01-486 1951) 

(until Feb 16) 

Middle East Machine Maintenance, Light Engineer- 
ing and Handling Show— MEM (01-486 1951) ... 
TECHEX *82 — Annual Technology Exchange Fair 

(01-584-574B) ^ 

International Rubber and Plastics Exhibition for 

Asia (01-839 5041) 

Scandinavian Menswear Fair and Fashion Week 

(01-540 1101) 

International Fair (01-734 0543) — 

Construction Indonesia '82 (01-486 1951) 

Winter Sports Fashion Exhibition (01-439 3964) ... 
International . Fashion Trade Fair — ■ IGEDO 
(01-409 0956), 


Moscow 


Munich 

Bahrain 


Singapore 

Copenhagen 

Frankfurt 

Jakarta 

Paris 

Dusseldorf 


BUSINESS AND MANAGEMENT CONFERENCES 


Feb 15-17 
Feb 16-17 
Feb 17 
Feb 18-19 


Feb 24 , 

Feb 25-26 
Feb 25 


Feb 25 . 


Hyde Park Hotel, W1 


Mar 1-2 


Mar 3 .... 


Mar 4 
Mar 4-5 

Mar 8-9 


Mar 10-12 

Mar 15-18 '. 

Mar 17 


Mar IS 


Mar 18-19 


Anyone 


....... AMR International: Management Skills and Tech- 
niques for Women in Business (01-262 2732) Kensington Hilton Hotel 
........ Crown Eagle Communications: Gaining Value from 

Overhead Costs. (01-636 0617) - Hilton Hotel, W1 

Mills and Allen Communications: CBT Techniques 

and Uses— An Appreciation (01-240 1307) London 

......... International Chamber of Commerce: The inter- 
national effects of nationalisations (Paris 

26L85.97) Paris 

City University: Financial Futures Markets 

(01-920 0111) London, ECf 

........ The Economist: The World Market: protectionism 

: or c&oper&tion and expansion? (01-839 7000) ... Hyde Park Hotel, W1 

The' Banker/OPC /LCCI : Growing Pains— Resolving 

the problems facing international Banks of 
establishing and developing a physical j>resenee 

in the City of London (01-629 2483) Cannon Street, EG4 

........... Dun and Bradstreet: Fundamentals of credit 

management— for credit personnel and those 

concerned with trade debtors (01-247 4377) Albany Hotel, Bir mingham 
........... FT Conference: The Fourth World Motor Con- 
ference (01-621 1355) Geneva 

........... DISC (UK): The credit analysis, of international 

banks (0Z-7SS 51261 '. City Conference Cent re, ECS 

LCCI: Conference on West Germany (01-248 4444) Cannon Street, EC4 

International Commercial Arbitration Symposium 

(08 231200) Stockholm 

AMR/Euromoney: Aerospace International Ship- 
ping Financing Energy Techniques (01-262 . . 

' 2732) : — London Press Centre 

Esomar. Profitable co-operation of manufacturers 

and retailers (020 444995) — Munich 

......... IPM: The Elements' of Salary Administration (01- 

946 9100) — ; — Embassy Hotel, W2 

Institute of Credit Management: National Con- 
ference (0990 23711) Hilton Hotel, W1 

Institute of Marketing: Action for Recovery Con- ■ 

• ference (01-680 7525) Hilton Hotel, W1 

London Export Conferences: Nigeria— Future 

Programmes '{0822 3577) ...u.. Churchill Hotel, WE 

wishing to attend any oj the above events is advised to telephone the organisers to. 
ensure that there has-been no change in the details published. 



THE FOURTH WORLD MOTOR CONFERENCE . 

Geneva — 1 and 2 March 19S2 

This pre Motor Show Conference will be opened by Dr Umberto Agnelli, Chairman, Fiat Auto SuA, 
Other speakers will indude Mr Hideo Kamio, Managing Director, Toyota Motor Sales Comoanr 
Mr R Stempei, Managing Director, Adam Opel AG; Mr R Horrocks, Chairman and Chief Executive 
Cars Group, BL Public Limited Company; and Mr Corrado Innocenti, Managing Director Alfa Romeo 
SpA. The Conference is- being arranged in association with Booz^- Allen and Hamilton. * 

THE FT-C3TY COURSE 
London — 22 April to 24 June 1982 

This course the 24th in the series,.is arranged with the City University and is designed to provide a 
broader understanding of all aspects of the operations of toe City and the factors that have made ft a 
pre-eminent financial and trading centre.. The course comprises ten afternoon sessions and each leriS™ 
is given by a, leading authority in his field. ® at ® lectuxe 

INDUSTRIAL RELATIONS 
London — 29 nnd 30 April 1982 

Professor. Sir John Wood of- the University of Sheffield will chair and address this Conference wWrh 
will consider the principal issues of concern m the industrial relations field. The distinctiisTia^ 
of speakers wiU include Lowry, Chairman of ACAS' and Prof essor B ™obeSfflh?lOT d 

All enguxnex should be addressed to: “ 

The Financial Times Limited 

Conference Organisation/- . Tel: 01-621 1355 

Minster House, Arthur Street ' Telex- 27347 FTm&nr r 

London EG4R 9AX - CahlKiFlNCONr LONDON- 


4 




28 


Financial Times Monday February. 15 1982 


COMPANY NOTICES 


GENERAL MOTORS 
CORPORATION 


NOTICE _ IS ■ HEREBY GIVEN that resulting from ' the 
Corporation's Declaration of a Dividend of S0.60 (gross) per 
share of the Common Stock of the Corporation payable on 
the 10th March 1382, there will become due in respect of 
Bearer Depositary Receipts a gross distribution of 3 cents 
per unit 

The Depositary will give further notice or the Sterling 
Equivalent of the net distribution per onit payable on and 
after the 15th March 1382. 

All claims must be accompanied by a completed Claim Form 
and U.ELA. Tax Declaration obtainable from the Depositary. 
Claimants other than UK Banks and Members of The Stock 
Exchange must lodge their Bearer Depositary Receipts for 
marking. Postal claims cannot be accepted. 

The Corporation’s Final Report for " 1981 will be available 
upon application to the Depositary named below, 

Barclays Bank PLC 
Securities Services Department 
54 Lombard Street 
London EC3P 3 AH 


BANK HANDLOWY 
W. WARSZAW1E S.A. 


Floating Rate Note Issue of 
USS30 million 1979/89 

The rate of interest applicable 
for the she months period 
beginning on February 11th 
1982 and set by the reference 
agent is I7j% annually. 


NOTICE OF INTEREST PAYMENT 
SAN OVIK AKTIEBOLAG 
6U% CONVERTIBLE BONDS 1977188 
COUPON DUE ISUl MARCH 


NOTICE 15 HEREBY GrVEN to the coupon 
holders of the above mentioned toaun that 
coupon no. S will bo navable on the tSlh 
March 1982 at the rate oi USSG2-50 or 
DM 181.30 subject to the terms and 
conditions endorsed on the bond to which 
the coupon appertains. 

For sandvIK Abtlebolaa 
BANK OF AMERICA INTERNATIONAL 
. SA. LUXEMBOURG 
Principal Paying Agent 


CENTRAL AND DISTRICT PROPERTIES 
LIMITED 

65. UNSECURED LOAN STOCK 


19BOI82 

•By GIVEN that the 


CLUBS 


THE GASLIGHT OF 5T- JAMES’S. London's 


most exciting businessman's night club. 
No membership needed. 2 hart, daamc 
of danceable companions. Intriguing 
Cabaret Acts. Happy Hour 8*9 on. II 
rewired, superb three-course dinner, only 


■muirrcs. amicru uhptwriik mimw . vi-« 

£9.75. plus service and tax. Entrance hi* 


£5i75 (£5 refunded M diners ordering 
9 pm). Open Mon.-Frl. 8 »*■ 


I'mtu ^ P 5"'piiviz^!nt. n 4""Dnko 
Street. SWi. Tel: 01-930 1S4BI4950. 

EVE has outlived the others because of > 
policy of fair play and value far money. 
Supper from 10-3.30 am. Disco and ton 
musicians, glamorous hasteues. eecluno 
fioonhowv 18B Regent Sl 734 0557. 


ART GALLERIES 


MATHAF GALLERY. 32. MattombStrML 
London. SWI. Tel. 235 OOTO. Specialists 
In 19th Century and Contemporary 
Patnttngs In ARABIA. 


MARLBOROUGH. B. Altemmrle SL. W1. 
RUFINO TAMAYO — RECENT PAINT- 
INGS until 6 March. Mon.-Frl. 10-5 JO. 
Sat. 10-1230. 


NOTICE IS HEREhy ui.ei. u-t 

above Stock Is due (or redemption on 
31st March 1982 and the Transfer Regis- 
ter will close on 1st March. 1982 and 
will not bo. re-opened. 

By Order of the Board 
W. CRAIG. Secretary 

12th February. 1982. 


PERSONAL 


SUPEKUNTEL. Ask vow Archite ct to 
specify the undisputed Quality brand 
leader hr your new house. 


CLASSIFIED ADVERTISEMENT RATES 


EFFECTIVE JANUARY, 1982 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business. Investment Opportunities 
Businesses for Sale/Wanted 
Personal 
Motor Cars 
Hotels and Travel 
Contracts and Tenders 
Book Publishers — 

Premium position available 
( Minimum size 30 column ems) 

£6.00 per single column cm extra 
For further details write to: 
Classified Advertisement Manager 
Financial Times, 10, Cannon Street, EC4P 


Per 

line 

£ 

8.00 

6.00 

8.50 

8.50 

3.5G 

6.00 

6.00 

6.00 

8.00 


Single 

column 

cm 

£ 

27.50 

20.00 

29.00 

29.00 

29.00 

20.00 
20.00 
20.00 
27.50 

net 12.00 


4BY 


INSURANCE 


Linked-life contracts 
dominate savings market 


This week 



BY ERIC SHORT 


LINKED-LIFE assurance busi- 
ness broke all records Last year 
and is now firmly established 
as a dominant force in the UK 
personal savings market. 

Figures published last week 
by the Life Offices 1 Association 
showed new annual premiums 
for individual Jfnked-life busi- 
ness up by 30 per cent to a new 
record of £180m, and single 
premiums improving by more 
than 70 per cent to £54910, 
breaking the annual sales 
record achieved in 1973. * 

Now linked-life accounts for 
one quarter of annual premiums 
individual business and half of 
singlepremium business. 

Life assurance has several 
tax advantages over other 
forms of saving, both for the 
life .company and the individual 
saver. The public has now 
come to understand the risks 
involved in linked-life invest- 
ments and is prepared to 
accept them in seeking the 
greater rewards available com- 
pared with conventional life 
savings contracts. 

Professional intermediaries 
now make considerable use of 
linked-life plans in their finan- 
cial planning arrangements for 
clients. Traditional life com- 
panies are now setting up their 
own linked operations along- 
side their conventional business 
in order to participate in this 
growth sector. 

Linked-life business is also 
buoyant because of the absence 


of constraints .on selling any 
contract labelled life assurance. 

The majority of linked-life 
business is now sold by the 
direct sales forces of life com- 
panies. 

.Many life companies con- 
sider that future growth will 
also come from direct sales 
rather than from independent 
intermediaries. Such companies 
have recently announced plans 
to double or even treble their 
sales forces over the next five 
years. 

This lack of control over 
life assurance sales has caused 
some concern to Professor 
Gower In his review of 
security dealings and the. 
present scope of the Preven- 
tion of Fraud {Investment} 
Act 

In his recently-published dis- 
cussion document, be is basic- 
ally against door-to-door sales 
of any type of life contract If 
the authorities allowed this to 
continue, however, he feels 
sales should he restricted to 
‘■straightforward'’ life policies 
and not permitted in the case 
of bonds. 

This section of bis discussion 
appears to -have less clarity and 
logic than other sections. 

His definitions of life con- 
tracts are somewhat vague, 
conveying the impression that 
he gained ■ his knowledge of 
life assurance mainly from" 
sources other than the life 
companies. 


He certainly met the Unit 
Trust Association and the 
Stock Exchange quite early m 
his investigations and has had 
several meetings subsequently, 
both formal and infonnaL He 
had. just one formal afternoon 
meeting with the LOA. quite 
late In the day. 

Nevertheless, his views con- 
tain two valid points that are 
often discussed by commenta- 
tors and never satisfactorily 
dealt with by the authorities. 

Fiist, he emphasises that a 
iinked-iffe bond is an invest- 
ment product, not a life product 
selling equity investment (or 
some other form) rather than 
life assurance. Second, he is 
concerned over the lack of con- 
trol of salesmen in the course 
of a door-to-door sale. 

• 'What is not clear from the 
discussion document, however, 
is exactly what type of life 
policy Professor Gower would 
permit to be sold dooMo-door. 

The document has certainly 
thrown into confusion those life 
companies relying on direct 
sales for their business, includ- 
ing the home service companies 
such as the Prudential and tire 
PearL 

They intend to pnt their side 
of the picture to Professor 
Gower quite strongly during the 
next few months. For if bis 
views were ever put into prac- 
tice.: linked-life sales could well 
go into a sharp decline. 


TODAY 

Commons : Private Members’ 
Motions until 7 pm. Hops Mar- 
keting BUJ, remaining stages. 
Debate on First Report from 
Procedure Committee. 

Lords : Copywright . Act 

■Amendment Bill 1956, Second 
Reading. Debate on First 
Report of Science and Tech- 
notob- Select Committee on 
Science * and Government. 
Debate on Tidal Power from 
the Severn Estuary- 

Select Committees : Home 
Affairs: Sub Committee on Race 
Relations and Immigration -~- 
Subject : Immigration from the 
Indian Sub-Continent Wit- 
nesses : Joint Council for the 
Welfare of Immigrants. (Room 
15,11am). 

Education, Science and Arts : 
Subject: Science Policy.. Wit- 
nesses : Advisory Cou ncil for 
Applied Research and Develop- 
ment; Central Policy Review 
Staff (Room 6. 4 J3Q pm). 

Energy: Subject: Combined 
Heat and Power. Witnesses : 
Department of Energy I National 
Coal Board (Room 8. 4J0 pm). 

Treasure Civil Service: 
Subject: Budgetary -. Reform in 
the UK Witnesses: Officials 
from the Department of . the 
Environment; Departments 
of Health and Social Security 
(Room 15, from 4.30 pm). 

Foreign Affairs: Subject: 
Caribbean and Central 

America — British approach to 
stability, security and develop- 
ment. Witnesses : Dr A. Thorn- 
dyke, North Staffordshire Poly- 
technic; Professor A. Low.enthal 
University College, London. 
(Room 5, 4.45 pm). 

Public Accounts: Subject: 
Road Construction Units — 
tr ansf er to consultants. Witness: 
Sir Peter Baldwin, Permanent 


TODAY 

COMPANY MEETINGS — 

Avon Rubber. Mdksham House. Market 
Place MHkslian). Wiltshire. 230 
Lake and Elltec. The Great Eastern 
Hotel. Liverpool Street. EC. 2.30 
BOARD MEETINGS — 

Finals: 

Bank Lentil (UK) 

Drake and Scull 

Scottish Eastern I nr Trust 

Temple Bar lirv Trust 

West Coast and Texas Reg fmr Trust 

Interims 

frnpa 1 a >I p£tlniiin 
Roan Cons Mines 

DIVIDEND 4 INTEREST PAYMENTS — 
Abbott Laboratories 1 Bets 
Aberdeen Tst. Dfa. 4 pc (Feb) r 1979-84) 
African European Inv. Pf. 1.630B2P 


WEEK’S FINANCIAL DIARY 


'the following 4s a record of the principal business and 
financial engagements during the week. The board meetings are 
mainly for the purpose of considering dividends and official 
indications are not always available whether dividends concerned 
are interims or finals. The sub-divisions shown below are based 
mainly on last year’s timetable. 


DIVIDEND & INTEREST PAYMENTS — 
British Sugar 17-50 
Bmckhmse Ip 

Bromsgrov* Casting and Machining O75o 
Construction Hides- 7P 


Cook (WHttwn)" (Sheffield) OJp 
CnoardlBO In*. Tst. 4 >spcD 


Zh Of 195B issue) 


M. 2 0976-86) 


Irish Distillers 2.18 (1r£) 
McCoruuodale , 


5J5n 

StraihcWde Rnlona! Connell Variable Rate 
Red. 1903 £7.53125 


Southwark l2<;pcRed. 1987 6Upc 


TS8 Grit Fd. Ptg. 3J15 b 

‘Treasury 3 PC 19 


Bath and Portland 


Anderson Strathchrd. Jn. ft* 


Anglo American Inv. T«. 

Art nth not Dollar Inc. Tst. Ptg. Pf. Act* 


rtuthn 
(3rd) 

Avon Rubber 3 p 
B erkeley Harabro Prop. 4.5p 
Boro-Wamer 35CD 
Bristol 13pcRe<L 1985 6>inc 
Brunswick 2Scts 
Chase Manhattan BScts 
Coalite Grp. 1-43o 
Cohen (A. i Z-73P 
Colgate-Palmolive 30c « 

Concentre Unit TSL Mutojl FtS. DM 1.10 
Fishguard and Rosslare Railways and 
Harbour 3>iPCPf. 1.225PC 
Greater London 13k.ee 1984 L'pc. 6 Lpc 
1990-92 5J*pe 
Helma 0.561 p 

Hickson and Welch (Hldgsi Sp 
I nt, Bank for Re construction and Develop- 
ment Spc 1977-82 2 ‘re c 
Jamaica 6 pc 1977-82 3 pc 


_8z n-pe 

Williams (John) of Cardiff 0-5o 
Wilson (Ambrose) SfepcPf. 2Apc 
Zapata 1 acts 

TOMORROW 
COMPANY MEETINGS — 

Hardys and Hansons. Kimberley Br ewery,' 
Nottingham. 12.00 

Kelsey Tndi. Kelsey House. Wood Lane 
End. Heme) Hem stead. Hem. 11.00 
BOARD MEETINGS — 

Finals: 

Pent land Inv Trust 
Interims: 

Abe rctm 


Blrmld Qua! cast 
Copenhanen Handetsbank 
Ginett Bros Discount . 


°*rSSd Foundries 


Park 


Johannesburg Cons.' Inv. 71.330&P 
1977-82 2‘jpc 


Kenya Spc .. 

Lea Grp. 4o 
Liverpool Dally Post and Echo SpcPf. 
I.TSpc 

M and G Second' Gen. Tst. Ftf. Inc 5.47 p 
P lairtofn rGB< 5-5n 
p reedy fAMredi 0.7SP 
Ratal Electronics 1.26SP 
Scottish Metropolitan Prop. Dbs. 
3-T87S (1979-84). 3.1875 11981-93) 

3‘tPC 


"WvffiflffV INTEREST PAYMENT 
Allied Residential 1o 
Bank of Communications Fltg. Rate- Notes 
1985 5990.19 — 

Klein wort Benson Finance BV Gtd. Fits. 

Rate Notes 1991 SI 88,85 
5xdaw inds. 7.5p 

Southend-on-Sea 9i«pcRed. 1981-83 4Hpc 
SDerry Corp. 48CU „ 

Standard Chartered Bank Fltg. Cap. Notes 
1990 S9B.69 _ 

umroval SpcPf. 3>5pc. 5ncPr. (2nd) 35pc 
Warner Communications 2 Sets 


WEDNESDAY FEBRUARY 17 


Sears H/mss. 3->pc 


Sotheby Parke Bernet Grp. 9p 


COMPANY MEETINC- 
BOC Int.. Lyric Theatre. Hammersmith. 

King street W. 3.00 
McCorauodaie. The in st it u te of Directors. 

116 Pall Mall. SW. 3210 
Martin The Newsagents. Martin House. 
- Ashweils Rood Brentwood. Essex. 12.00 
BOARD MEETINGS — 

Finant 


Foreign and Colonial Inv Trust 
Had land (John) 

Ih ta r lM Wr 

Utd Real Prep Trust 

DIVIDEND 8 INTEREST PAYMENTS — 
Kelsey Inds. S-5 p __ 

Krung Thai (Cayman i Gtd. Ftin- Rate Notes 
1984 597.75 

Management Agency and Meow 5.35p 
Nationwide Building Soc. 14-Upc Bds. 
2518/82 7i*pc 

THURSDAY FEBRUARY IB 
COMPANY MEETINGS — 

Constr u ction Hides. 124 Chancery Lane. 

Wt 11.30 . . 

Nottingham Brick. Daybrook House. 
Rlbbleadale Road. Sherwood. NtAtfngham 
11.00 

Redtearn National Glass. The Royal 
Station Hotel. York. 1 2.00 
Tran* Oceanic Tst- 120 Che inside. EC. 
10.30 

Utd. Soring and Steel Grp- Birmingham 
Chamber of Industry and Commerce. 
75 Hartorne Road. Birmingham. 122)0 
BOARD MEETINGS — 

Finals: 

Adams and Gibbon 
Goode Current and Murray 
Metal Bulletin ' ■ 

Newbold and Burton 
Tribune Inv Trust 
Trust of Prop Shares 
Whitting ham (William) 

Interims: 

Cons Plantations 
Ransom (William) 

Reliance Knitwear 
Sime Darby 


FRIDAY FEBRUARY 19 
COMPANY MEETINGS-- 
Lee (Arthur). Tapton Hall. Shore Lane. 
Sheffield- 12.30 
BOARD MEETINf 
Finals: 

Kennedy Brookes 
Lloyds Bank 
Romney Triad 


Romgey 

Intr f mfi . 

Throttmorttni Secured Growth Trust 

w TowiB£nd & INTEREST PAYMENTS-t- 

aydesdale (Trt-t CoOeries 27 Jets 

Combined lid. Guru. 4 Sets 

crown Home 2.25P 

Preach (Thomas) 3-75 o 

Goldberg NO lJ294p 

Gresham House Esc i.4p 

Griotutsnd Exploration and Finance 1 5Cts 

Merrill Lynch 32cts 

Nottingham Brick 4_B2p 

Redfearn National Hass 5J8P - 

Trans-Natal Coal 2 Sets. Cnv.Pf, 37^cts 

Utd. British Securities Tst- 3p 

Utd. Soring and Steel Grp. 0-5p 


SATURDAY FEBRUARY 2B 
COMPANY MEETINGS — . 

Boothara Eng. University of York, York. 
12-30 

' DIVIDEND & INTEREST PAYMENTS — 
Caterpillar Trader 6.75m 
Exchequer TIUpc 1984 S*apc 
Uovdstrnst Gilt Fund Sip 
M and G Recovery Fund Inc. 1-8p . 

SeaCo Inc 7 .Sets 
Security Pari be Carp. 55c t s 

SUNDAY FEBRUARY 21 
DIVIDEND AND INTEREST 
PAYMENTS— 

English and New York Tst. Db. 2 J«xk 
E xctwooer Spc 1983 lltfK. 10>»>e 1997 
5WPC 

Treasury IQ pc 1992 Spc 


Secretary, Department of Trans- 
port (Boom 16* 4.45 pm). . . 

TOMORROW 

Commons: Motions on Bate 
Support Grant . (Increase) 
Order, Supplementary Beport 
(England) 1982, and the 
(England) Beport 1982-83; 
Welsh Bate Support Grant Re- 
port 1982, and Supplementary 
Report 1982. 

Lords: Local Government 
(Miscellaneous. Provisions) BiH, 
Second Reading. Junior 
Hospital Doctors Bill, Second 
•Beading. Debate on personal 
savings and bousing markets. - 

Select Committees: Environ- 
ment: Subject: Private Rented 
Housing. Witness: Mr John 
Stanley MP„ Minister- " for 
H o usin g and . Construction 
(Room 16, 4 pan). 

Social Services: Subject: 
University Grants Committee 
cuts and mectical services. 
Witnesses: ■ University- Graits 
Committee; University Hospitals 
Association. (Boom X 4 pm). 

Transport: Subject: Proposed, 
transfer of HGV- and PSV 
testing . to private, .. sector. 
Witnesses: Road Haulage Asso- 
ciation; Freight Transport. 
-Association;- Confederation of 
British Road Passenger Trans- 
port: Institution of Professional 
Civil Servants.- (Room 17, 4.15. 
pan). 

: WEDNESDAY 

Commons: Canada Bill, 

Second Reading. ■ 

Lords: Debate on need for 
better educated working popu- 
lation; danger of present cuts 
inhigher add ftirther education; 
need for increased . aid for' part- 
time and other adult education. 
Salmon Fisheries (Protection) 
(Scotland) BUI, .Second Read- 
ing: ' . 

- Select Committees: Scottish 
Affairs: Subject— Rural road 
• passenger transport and ferries. 
Witnesses: . . -High land .and 
Islands Development Board 
(Boom 5,10.30 am). 

Industry and Trade: Subject 
Rolls-Royce . Ltd. Witness: 
Rolls-Royce Ltd. (Robin 16, 
10.45 am). 

Defence: Subject: Ministry of 
Defence organisation aci T pro? 
coremenL Witnesses: British 


Aerospac&XSoom 15,11 am). 

Hoane Affaire; ■■■:. Sifl>Jafc 
Police; complaints procedure. 
Witnesses: Justice .(Room-8, U 
am>.-r- • :- 

Transport; SubjeicfcTate Caaan- 
nel Link. Witness: Rt Hon David 
•Howefl MP, Seoetery of State 
fnr TranspoiEit (Boom 17, 1L15 
ain)._ - • ’ • 

PubHc- Accounts: Subject; 
NtHHrompeatfw ‘ : ''~''«oiitEaas 
pricing; end; poatedsting: . ftnfl. 
ing . of .'purchases of d^ence 
equipment. Witness: Sir Berth 
Cooper, ; : Permanent ' Under- 
SecretaiY- of tSate, Mmis&ry gf 
Defence . (Room 16, 4 pm} - - 
Social Services: Sibjebt; T3ie 
age of ratiremeot Witoesses; 
Genesrai .and Munadpal Wwkeas 
Union; Inm^ and '-Steel Ttafair 
Confeiteratum : (Boom 21, 4pm}, 
Transport: Subject Transpor- 
tation; In London. Wtoeses: 
Greater London Council {Roma 
17, 435 pm):- . 

Treasury and Civil Service: 
Subject: Efficiency and Efico. 
-tiveness. in- the GtvfL Service: 
Witness: Sir Anthony Rawlinsoo 
KCB, SeeQnd Penaanent Secre- 
tary, HM Twsastay -(Room 15, 
4.15 pm).- ‘ 

. Welsh Affairs: Subject: Wages 
in Wates. Witnesses: -Can- 
federation <tf British Xn&Btry, 
Wales;: National Farmers' 
-Union (R oom-18 , 4^0'pm). 

THURSDAY . . 

Commons: Motions ; ion 

Natiooti Health Service (Data, 
zuiztation of Regjoas) Qpdter;]Qie 
(Consxnction o£ Distract Heafch 
Authorities} Order and.: tiie 
(DefienzHnatian of- -DfettzscKs} 
Order. ; . " 

Lords: Transport: Finance Ml, ■ 

. Counnattee. .. Leasehold Refton 
Bill; Second -Reading. OpflUaaiB 
Act 1956 -.(Amendment) Bai, 
Second. Beading: Debate; on 
decision oot tio hold pubSe 
inquiry into proposed djvessten 
bf ASi'-at WhStway. " 

Select Committee: Agricul- 
ture: 'Subject: Horticulture. 
Witnesses: FA. mid K \Ccwper 
Ltd., Lea Valley Gtowob 
A ssociation (Room; 16, II am). . 

- FRIDAY r-’- 

' Commons: Private MendMas* 
Bffls. - ; r ; 


APPOINTMENTS 



GEO. BASSETT. HOIDINGS 
has appointed Mr Mlcbael Shanks 
as chairman designate, apd will 
succeed Mr Bill wiil« as chairman 
on his retirement - on March. 3L 
Mr Bldiard Clemons is appointed, 
vice chairman following Mr D- 
Clarfce's retirement, and Mr Bev 
Stokes is appointed chief 
executive. s 

•ir 


■ Mr Peter Crxtgie . bas been 
appointed as senior ma nagin g : 
consultant with '. ARTHUR 
YOUNG MANAGEMENT SER- 
VICES, the consulting division 
of Arttmr Young .McClelland. 
Moores. He was preriouri y 


■ partner in chaise oTtbe Scottish 
. office of Tyzack and Partners- 

. Ms Rosemary Lowe, a director 
of GoDey Slater. Public Relations, 
has been appointed - t» tine 
group's L o nd on -a gency board, 
GOLLBY SLATER ROE- - 

BANK OF SCOTLMTO h 
malting tEe . following (manges: 
Mr J. R McHBlbm, a joint 
general manager . of tee Bank 
(resident Ja Glasgow) retires on 
April 15- Hr B. L Cromar, an 
assistant general . manager, 
branch ' administration. ' west, 
axes, succeeds Mr McMillam - 


y/ 


I 


CONTRACTS AND TENDERS 


CHILE 
Risk Contracts 

Empresa National del Petroleo (ENAP) 


calls for : 


Prequalification of companies interested in participating in 
future biddings on exploration and exploitation of hydro- 
carbons through risk contracts 


bid 1 


10 to 12 blocks of about 5,000 sq. km. each in the 
offshore central zone (33°S to 41°S). 


bid 2 


Several blocks in the offshore south zone (48°S to 
51°20’S) 


bid 3 


Several blocks in the Gulf of Ancud offshore, interiors 
waters (41°30'S to 43°30'S), Arauco peninsula onshore 
(37°S to 38°S) and Osomo-Llanquihue zone onshore 
(40°15'S to 41°30'S). 


All interested companies, associations or consortia that fulfil the requirements 
of the Bases of Prequalification will be able to participate. Only those duly qualified 
will be able to participate in the biddings. 


Prequalification bases are available to interested companies between February 8 
to March 19 upon receipt of a US $250 nonrefundable fee per check payable to ENAP. 


enap; 

Ahumada 341 
Santiago — Chile 
Telex 40447 


or 



ENAP 

One World Trade Cento, 
Suite 5151 N.Y. 10048 
New York, -U.S.A. 

Telex 128203 NYK 
Telex Intin. 620804 


GOVERNMENT OF THE REPUBLIC OF IRAQ 


BAGHDAD RAPID TRANSIT AUTHORITY 
BAGHDAD METRO— STAGE 1 


PRE-QUALIFICATION OF 

ELECTRICAL AND MECHANICAL CONTRACTORS 


The Baghdad Rapid Transit Authority (BRTA) hereby issues an 
international invitation to suitably experienced Electrical and 
Mechanical Contractors to pre-q ratify for the detail design, manu- 
facture, supply, installation and commissioning of equipment and 
plant for the Baghdad Rapid Transit System (Baghdad Metro)— 
Sage i f 

Sage ! of the project involves the construction of 36 stations along 
a route length of 32 km, maintenance workshops and depot, 
administration building and associated works. Construction works 
are programmed to commence mid-1983 with completion by 
December 1989. 


The Electrical and Mechanical works are divided into the following 


contracts:— 


S51 

Rolling Stock' 

S52 

Service Locomotives 

SSI 

Signalling 

S54 

T el ecom m unications 

S55 

Power Supply 

S56 

Overhead Current Supply 

S57 

- Fare Collection 

558 

Environmental Control 

S59 

Escalators 

S60 

Workshop and Depot Equipment 

S6I 

Auxiliary Vehicles 

S62 

Lifts 

S63 

Cabling 

S64 

Standby Power Supply ' 


The programmed dates for issue of Invitation to Tender documents 
etc will be progressive as shown: — 

Issue of fnviation to Tender documents — end April 1982 to 
end October 1982 


Submission of Tenders — end of August 1982 to end January 
1983 


end November 1982 to end April 


Award of Contracts 
1983, 

Contractors interested In pre><| ratifying for Inclusion In the list 
of Tenderers for any qf tee Contracts scheduled are invited to 
apply for Pre-qualification Questionnaires at either: — 

BAGHDAD RAPID TRANSIT AUTHORITY 
Nissor Square 
Al Mamoon Street 
Baghdad, Iraq 


BRITISH METRO CONSULTANTS GROUP. 
U.IC Project Office 
3 Shortlands 
Hammersmith 
London W6 SB T, EngTand J 


The Questionnaire documents will be available from the 4th MarcH 
198Zi 

Completed Questionnaires muse be returned by tee. 27th March' 
1982 to either of the above addresses* * . 

The information contained In the completed Questionnaires will 
be treated in the strictest confidence. 

Invitation to Tender Documents will subsequently be. issued only 
to those companies selected as having the necessary qualifications 
and experience to carry out the work. 

BRTA does not in any way bind itself to proceed with the project ' 
and will not be under any obligation to accept or give reasons for 
excluding any Contractors. 

Interested Contractors are notified test a Tender Bond will be 
required* 


Peoples Democratic Republic of 


GREATS! ADEN WATER SUPPLY' PROJECT FIRST STAGE 
BID TO— PREQUAUHCATTON OF TENDERERS 


i' 


The First- Stage of the' Greater Aden Water Sapply Project h 
-financed- by -the Government' of PDRY, -Tho ^ World Bank (IDA). 
The Arab Fund for Economic and Social Development, the OPEC 
Fund and tee Islamic Bank. <;• • -. ' v ■ \ ' 7 — 

Firms Interested in tendering -for Bid lO. -eomprtang tee greater 
part of this project must;firstiy prequaiify. ; r" 

The work included in Bid 10 is as 1 follows:-— ' "~ 


. (a) Tbs provisions rid construction .of two. 7BOO m> and two SOOO m* 
graund level stool reservoirs, with an option . lor alternative 
conatrucuVn-in reinforced concrete. ' . . i - - 

(b) The layina,of about 38 km pf pipes *nd ; fittirms from 230mm- 
■ 800mm (tie., including construction of valve chambtes, generaffy 
. in <jr neap roads in Sheikh Othman and :AI-M*naura.- The supply 
of. pipes, far .this part of the work is ■ separata contract., 
fc). The .provision and faying of about GO fcm of 800mm dia. pipe* 
-■ from -Brr Nuir. near Aden.. to a new walifiald at, Wadi 8a ni. 
.including valvu chambers and wadi crossings, generally, through 
duere or-fennfand- - 

(d) The construction of . two chlarinator houses -and the supply and 
installation, of all necessary chlorination equipment- .at Bir -.Mulr 

; and -Wadi Bans. ’ ■ • - 

(e) :.The construction of a generator hoina- at 'Wadf Ban's and supply 
. and installation of four cfieasl generators each at about 300 fcve 

' ■ capacity. 


(f) The supply, and' inote llatiom -bf about olnetsen borefroto pumps 
! 25 litres per second' capacity, fnciudihg conatnjetion of 


ol about 

wellhead structures, 11 KV transmission line*, trapsfannara tintf 
awrtchgaar. 


. The; drilling and casing of tfia.faonhdn forma Snothor contract 
Firms wishing to prequelify for- Bid 10 must .provide tee following' 
informations— 


-Oi Ftrtl particulars of the company struoni'ra.;:fndiRritig ■ details of- 
(ii)' n 5a r~" nt Md auociated bpmpanies.^ * 


euuaiDianus ana emociaiua torapuniw.. • . 

awicra to similar work -already performed . /with projeg 
description, dates, value, client bnd engineer - concerned: - arm 
«<4o including axperfance In the Middle East • 

; am). Physical resources available fdr the- wortt: ?ncfwRn» pfant arid 
eqalpment and. key. personnel rilkely to be.inirblvad, on. -the 

. [(1*1 financial resources available indudmp -bant TeWrencrf antr.-.J|irt 
three annuel reports and 'financial ^staosments including tamowi'^ 

Prequah' Scat ion applications containing tee above information- must 
be submitted by noon on Thursday 4th March 1982/ r ' “ 

Two copies of the application and air supporting -data are -to. be'.-, 
submitted by the above date to the General Manager, Public Water ' 
Corporation, P.O. Box 4004 Crater, Aden. PDRYj- At tee'same, 
time, one copy- is to be sent to the. cdrisulanti for supervision- of 
the project, John Taylor and Sons. Artillery HoUsA^rtelefy 
London SWIP |RY. U.K. quoting reference 1/94/ 10/ TH.' -'V' 

it is expected that tender- documentt'- WiiL' be' -sent” W suceesstil- 
appticants about one month after the ^ submission ''Of.' applications, 
with a three month tender period: Tenderers- wflF. be required to 
provide a Bid Bond of. 2% and a Performance. Bond of 10% of tee 

tender sum, • • . Y- • " 

* . Tlie General Tdina^r-;- ' 

• . - PuMc.Wttdr Coiporatioa. 

• . Aden - ' 


1 >- 


• .1 ' 




WANDSWORTH 
BOROUGH COUNCIL- : 
Estate based repair works - 
at Roehampton. - 

Wandsworth BurMiflll Council pro.. 
PO*V to Introduce ' NulflMxwrtiobd . 

Management adiemcs on both tn* 
Ww Eaate and Ashburton 
Estate. Roetetnymn, S.W.15. It is- 
looWng for building works contractort 
woutd be .prep ared to be band 
«? *11*. carrying appropriate labour, 
*" d ^nateriah «nd .cany-out ^i : 
twalr worts including 
There 

be dree dalhr Uatam Wftb 
*^ ls ! n9 staff and ^pid 

reap *'* c rtipafr reuueats 

8 P rtWity Repairs Schema.- 

ne chosen by comoeaaire .tender 
Cowu * Principle. 
t“n»Wr lor 1981/HZtor 
2^, ” 5* eh wtaan-h 

ZTStT ^ mund «00,000. Cm- 

~ ss?ifci;„*a 3 a at 

iwt 

worth swi a 2FU. iw glut. - - 

SL ST'S 

%?*£££* - «Tob HmtZ 

ssr*." •rjrxw 


'j:.'. ; r 







'V 









-5sCr- 


p- ,' A- - • . •- » i * 


■ r 








„v'; ^nancial Times .Monday February 15 1982 




v 

h- itfl 

-> V. w '* 


Cwparitt and Harlots 


WORLD STOCK MARKETS 



HEW YORK 

- .’39813 j . ' . 

: Wgn I Low • Sb 




w. 'O' 

■ ; > •'=rv> 

- • v - **? 


" T S-, ^ 

• • v^« 


-.• • v 


■r. . l \ 


v^- 





*- /m 


188145 
R/gh | Low 


Flndus mes — » - 

IF— Eli* 

I Jot! — : 3*. 
a ; »!> 


41*4. ff* boiumWaGa*..- 287* 
fO 32»* [ColumWaPieO 60 
**' 1? [Combined int..;. 21* 

S 1 ! 31 jCombuctn. Eng- 3 Us 

§2z» 177* Cmwtth. Edison- 20 1* 

*7*8 I M (Comm. Satotita- 607* 


1861-2 
High | Low 


wxGorp. IS* 

kbtxrtLaDa 281 * 

term Clave 83 . 

Ldoba CH| A Gas. 21 •'■ 
Advanced Micro. •' 17* 
UtnaUfeEcOas 441* 
Oimanson (ILF.) 101* 
Ur Prod * Chem IS 

Lkzona 101 b 

Ubany Int . 251* 

Uberto-Cuhr.— 133* 
Uborteon'a—-— 27 lg 
Mean ABmlnlum IBi* 
UcoStanriawL— 20* 
UoxandarftAl.- 2a* 
UeQheny Inti— 27 b* 
Ulied Corp—..— 40 

unotf Storm 88 

UUa-Chalrnars— 13 
Upha Portd . 117* 


Si* 3* |0t Atl. Pac.Toa. fi 

13 3ia Gt Basina Pot... 3s* 

47 321* GtNthn. Nokooas 33* 

10 10* tat Woat FinancC] 10* 

20i* 14 KSrayhound..,,..- IS 

36i| 22 lg Grumman...—.,.. 245* 

sm ids* taulf ft Western J iei b 


841* IIS* 

397* 281* 

MBS 417* 
28 174* 

337* 22* 

341* 84 

44U 248* 

553* 431* 

191* IS 
IBS# 35* 
305* 83% 

401* 261; 

423* 307* 

1» 15 

421* 29*4 


KSomp. Selene*.., 

Cone Mills. 

[Conn Gan. Inn... 

Conroe 

Con*. Edison 

pons. Foods 

pons. Fro® tit.. 

ICon. Nat Gas 

tOonumer Power 
Cent Air Linos.. 

IContl. Corp- : 

jContL Group — 


pent IMonla. 

Pond. Telap 

Control Data 








■ ■■ 


iAIcoa. ! 231* 

Amal. Sugar.-— ; 471* 

Armot— sa* 

Amdahl Corp...— S6* 
A/narada Hern.—: IBB* 
Am. A/r1lne*_— fllJe 
Am. Brands-.— 33 3 a 
Am. Broadcast's} 32>« 

Am. Can- — i 39* 

Am. Cyanamid.' 266* 
Arc Elect. Ttowr^ 16>* 

Am. Express.. 41* 

Am. Gan. Inarms. 411* 
Km. Hoist ft Dk_ 151* 
Am. Home Prod- 34i* 
Am. Hosp. Suppy* 426* 
Am; Medical inti j 23* 

Am. Motors. ! 23* 

Am. Nat-Resoes, 34* 


per Inds.— - 
rt Adolph—. 


Gulf Oil ..... 

Hall (FBI 

Halliburton 

Hnmmermill Ppr 
Handle man ........ 

Hanna Mining.... 

Harcourt Brace- 

Harris Bancp 

Harris Corp 

Harsoo 

Hecla Mining-.,. 

HelnzIHJt 

Hollar Inti 

fioroulea * 

Harsh ey 

Heubleln 

Hewlett Pkd 

Hilton HotolB 

Hitachi 


ZD81-8 

High Low 

12* ~ 6* 

1771* 00>* 

334 184 

644 46 St 

102 69 

40r s 214 

134 74 

144 10 
. 281* 17 

85 605* 

397* 221* 

636* 404 

, 881* fig 

184 14 

22 131* 

495* 234 

331* 854 

674 414 


1881-2 i 

High I LOW I 


CANADA 


HOLLAND 


MGM .„| 64 

Metromedia ..,— 1754 
Milton Bradley, ..i 18 
Minnesota MM— 80 
'Missouri Pao ...... 71 

Mobil - 224 

Modern Morchg. 64 

Mohaaco 107* 

Monarch' M.T 17 

Monsanto 694 

Moore McCmrfc- 824 

Morgan UP) . 63 J* 

Motorola ...- 5854 

Munsingwaar — . 143* 
Murphy (GC) ...... 134 

Murphy Oil : 224 

Nabisco Brandt.! 325* 
Nalco Cham—! 474 


7 1 * -'Schlitz Brew — 
474 (Schhimbeger— .. 
aoi* Jecm- ,,,. 

154 .Scott Piper-...- 
HU jscudder Duo v _ 

17 [Beacon i 

474 Seagram 

215* (Sealed Power .... 

254 ScarUt 1GD|... 

18 'Sears Roebuck.- 

844 [Security Pac 

234 iBedoo. 

254" ‘Shell Oil. j 

834 !3heU Trans 

17 [Sherwin-Wms-J 

205* ,-Signal — J 

334 Sisnode 1 


1981-2 
High [ Low 


1981/82 
High | Low 


874 < 194 
38 1 194 
184 I 57» 
464 284 

487* ; 374 
444 : 13 
34 i 215* 
34 < 237* 

235* . 3.90 


<AMCA bit l.,..—— J 194 

AgnlSp Eagle_ 7»» 
Alcan Alumio — » 
Algoma Steal—.. 374 
[Asbestos 134 

-Bk. Montreal — 214 
,Bk. Nova Sooda. 83 ta 
iBasic RasourcMnl 4.05 


9SL3 65,5{ACF H0fo ,n 9- 

783 66 uunoid.; 

37.6 15.71AKZO. — 

108- 269.5[ABNu^™— 


iBasic Resourc 


HJg Napeo industries, 144 

186* Nat can. .... 814 

285* Nat. Detroit 23 

224 Nat. Dlst, Cham J 224 

185* Nat Gypsum 201* 
144 Nat Medical E * 167* 

1 Rli Heft P.eeledu.ftM IfiTa 4 


834 ICopperwoW.—.. 
444 (Coming GJasu..- 
174 Cerroon Black... 

24 ‘Cox Broadcast's 

294 pnuio. 

27 tereokar Nat— . 

25 [Crown Cork..—. 

247* Crown Zell 

3D4 Cummins Eng... 
334 [Curtlaa-Wrlght.: 

54 Damon 

817* (Dana 

43 [Dart ft Kraft— 

dll* [Data Gan— 

20 [Dayton -Hud »on . 

225* Delta Air..-. - 

19 iDenny'a 


ntPetffna.. i 534 

i nuQuaaar PetJ 94 


144 Nat Medical Em 167* 
154 Not Semleductr] lBTg< 
SOU Nat Service Ind. 234 
154 Nat Standard-.. 1*4 

824 Nat steal 234 

18S* Natomas. 20 4 

134 — 15 


Holiday inns 1 254 

Nelly Sugar 56 

HomestoXa 274 

Honeywell. 714 

Hoover 94 

Hoover Unlv. 171* 

Hormal Geo. -17 

Hospital Corp.... 314 
Household Inti... 16 
Houston Inds. .... 184 
Houston Nt Gas.. 39 
Hudson Bay Meg 147* 

- Hughe* Tool 324 

Humana; - 244 


75 39 

264 IB 
17U 14 

374 27* 

78 35 U 

134 IDT* 
424 29 

484 32* 

474 294 

36 214 


NOT- 437* 

New England EL. SS'j 
NY State E ft G... 144 

KY Times 341* 

Newmont Mining 364 
Nlag. Mohawk.- 127* 
NICOR Inc. ......... 294 

Nielsen <A0) A- 41* 
NL Industries — ... 30* 
NUT- ...J 251* 


114 1 8* 
2«4 11* 
194 114 
884 844 
88 .694 

18 94 

B6T* 144 

234 ! 154 
30* 234 

127* ! 11 
37 > »* 

474 | 341# 

64 j 34 
98 ' i 74 
34U 1 204 

334 23* 

65 29* 

261* 17 

374 244 

374 27 

344 201* 



20 , 17 

231# i 15 
684 284 

37 ; 19* 

12 - 6 
234 , 10T, 
37* 1 254 
18 ! 7* 

43 I- 164 
16* 84 


■Ball Canada. — I 

Bow Valley f 16 

■BP Canada M4 

jBraScan A — — J, 204 

[Srinoo | 

1 6. C. Forest — 104 

iCILloc. 264 

taadlllaoFaSryfewi 11 
taamfloMhift*-! 154 
■Can Cement i 94 


42* I 27 !Qan NW Lands- 27 
364 > 294 £ui Packers- .J 514 
34 i 25i* jCanTrusco .... — \ - 

311* 264 -Gan Imp Bank-.i £64 

04 U 1 SBi* Can Pacific— 1351* 

£7* : 18* >Can P.Ent— — 174 
SB , SS [Can Tiro L.J 314 


Am, Standard,... 254 

Am. Stores 27i* 

Am. Tel. ATeL— 68- 

Ametak tnc ... 27* 

Arnfac - 244 

AMP 494 

Amstar— . 244 

Amatead Ind a 274 

Anchor Hockfl.. 17* 
Anhewser-Sh— 417* 

Areata.. .... 38* 

Archer Daniels... 174 
Armco— — 1 234 


144 Ar mst ro n g CK-. 144 
9 As&mera Oil—.— 9* 

217* Asarco- 224 

25 * Ashland on -J 27 * 

. 237* Assd D Goods— ... 28* 

38* Atlantic Rich 39 

234 Auto-Data Prg— 24* 

114 Aveo 15* 

204 (Avery Int| 1 24* 


64 Husky Om 

< 20 Hutton (EF)- 

29 Kinds- 

36* INACorp. 

IS lUInt- 

1 19 ideal Basic Ind. 

34 Ideal Toy 

44 KIADR 

6* Imp Corp Amer. 

12* INCO...... 

60 Ingeraol Rand- 
20 * inland steel—... 

204 Intel.— 

24* Inter First Corp- 

274 inter lake— 

26* inter North 

49 IBM - 


Norfolk ft Waste 

Nth. Am. Coal 

Nth. AmJ Philips 
Nthn. Stats Pwr. 
Northgate Exp... 

Northrop - 

NWatrt Airlines— 
NWest Bancorp^ 

Nwast Inds - 

N waste Mutual.. 
Nwast Steal W- 
Norton 

Norton Simon — 
Occidental Pat... 
Ocean Drill Exp. 

Ogdan 

Ogllvy ft Mrth. ... 

Ohio Edison 

OHn 

Omark- 

Onack— 


51* Std Oil cilfornta.1 31* 
394 Std Oil Indiana... 40 

314 Std Oil Ohio 33* 

IS* I Stan ley Wks 16* 

ZB* Stauffer Che m 204 
19 Starting Drug-.. 237* 
12* Stevens (JP) 164 

111. ICMKh Ulh V M3. 


304 I 17 
72 . 444 

294 16 

is I ex* 

144 1 84 

13* : 3.90 
68* ; 261* 
30* 144 


Chieftain-,. 19 

[Com in eo-.. 484 

Dons Batest A.... 15 
r Cont.Bk.Canaclal 7U 

Costain 84 

Daon Devei... 4.00 

iDonlaon Mines— 364 

'Dome Mines 1 15 


■ 308- 2B9.5ABN— » 

aajsl 78.71am EV- 

60.1 46 JS AMRO T- >47. 

"222 170 Bredaro Cert — 197 

88.7 68 Bos Kalla ...... — j 1 

62 34 Buhrmann-Tat— | ■ 

41 18.1 Caland Hldgs — 35 

163 98 EbeVlar-NDU nv^l33 

148.5 lO&DEnnia [107J 

. 77 Ji 64 lEuroComTit — 1 74 

71.6) 49AGisL Brocades ...I 

BQ3 41.6iHeineken — 1 

20.4i iaL3'Hoogovans 

13.4) G^jHunter Douglas . 

23.2! 12^lnt-Muller. 

142 56 iKLM*. 

30.4| l5.1, r NaaRla n 

. 16.81 10631 Nat Ned Cert — 10* 

49.B] 32jlNadCred Bank.. 

202 I liej.'Ned Mid Bank _ 1 
167 92 tNedltoyd'. 

128 J 60.5joce Grint 
«.*i SGDlOmhneren ivcuu-i - . 
49^1 35 IPakhopd .J < 

xa 

258 i 20' 

. IBSDf lQ9.3Rodaroco.. 

265J 203,1 RoHneo— 

140.4 117J Rorento 

106.6 71^ Royal Dutch— I 8' 
144 71.1 i&iaven burg's. — ! T . 

260.5 192 lOkyoPao Hg (222 

160.5! 123^Uniiover' |157J 

181 . lie viking Res ;12l 

51 18.1IVMF Stork i 39 

79.S 94.51VNU.. — 1 S3 

'33 j l9.9|Velker'Stevln..- ! 20 J 
220 ■; 67 (West Utr Bank....! 80 


745 Ajinomoto 


23 u Stokoly Van K.-. 324 
174 iStoraga Tacit, — 32 


307* »un Co 37* 

33* (Sundstrand - 387* 

29* (Superior Oil 30 

14* super Val Sirs.— 16* 

49 Syntax. 65 

48* rTRW 48* 

25l( (Taft — 31* 

27* [Tampax- 32* 


[Dome Petroleum 10* 
Dam Foundries A 35 

Dom Stores - 15* 

iDomtar 19* 

(FalconNlok 621* 

Genatar 187* 

|Gt,-West Ufa.— (236 
■ Gulf Canada -— .1 14* 
Gulfstraam Res— 1 4.65 
iHawkSkL Can-.| H>a 


NORWAY 


1981/82 [ Fab- 12 


"77 jBorregaard 1— I 125 


Tandy. 33 

Teledyna 12 SU 

Tektronbc- 484 

Tennaeo 28* 

Toaora Pat 22 

Texaco— I 30* 

Texas Comm. Bkl 36* 
Texas Eastern.... 44 
Texas Gas Tm„., 28 
Texas Instr'm’ts. 794 
Texas Oil ft Gas.. 267* 
Texas Utilities..- 20* 

Textron- 227* 

Thermo Electro.. 17* 
Thomas Betts.— . 51* 

Tidewater., 30 

Tiger Inti - 8 

Tima Inc— 33 

Timas Mirror 437* 


49* | 25 
37 1 17* 

30* j 184 
SIXs 1 21 
214 7* 

42 ! 294 

57* ! 21* 
28* 1 15* 
.19. 12 

164 I 13 


iHofllnger Argus- 26 
iHudson Bay Mng 17* 

[Hudson's Bay 19 

! do. Oil ft Gas... 47T* 

(Husky Oil 74 

'Imasco 41* 

IlmpOilA— — 21* 


84 47.5 Elkem 51 

510 560 Kosmos— — 360 

5 37.6i 360 Norsk Hydro 372.5 

273 j 135 [Storebrand- 230 


In co- 16 * 

Itndal IS'* 

llnter. Pipe. 13 ig 



52* I 21* 
12 8 
6.87 ' 1.95 
78 S3 
121* 6 X 4 

48 187* 

46 35 

13 67* 

34* 18 


[Mac Bloedal— ... 214 
'Maries ft Spencer B4 

[Massey Farg 2.06 

(McIntyre Mines- 36* 
Merland Exp lor- 6* 

(Mitel Corp. 267* 

Moore Corp- 37* 


173,100| 102,200' Assicur Gen..— 

36,600(30.500 IBanca Com'le— 

560 153'Bafrtcgl Fin.—..-. 

-10,640 4, 170|Contrafe 3,, 

17,770 4,270taredito Vareslno ~ ' 

2,610 1^00 Rat 

104 28 Flnslder 44. 

6,050 2,780!lnvest 

61,900 zSjOOOiitaicementi 

330 110 Italslder -.... 

288.5»137,75 Montedison 

5,1601 S^TQiOlWatti 

5,650 2,235 Pirelli Co. 

2,740 1,160 Pirelli Spa — 1 

1.140 751^niaViscosa.-- 
39,700(l 1,150 fTbro ASSi- 1 

34.446 8.160 do.- Prft 



Ind. dlv. yield X 


Ind. P/E Ratio 


Jan. 27 Year ago (approx 
6,67 4*67 

7.81 b!o7 ~ 


ITALY _ 

Sanaa Comm ttoLTIBTS) 18 


186 .M 188 JSi. 2 B 2 JS (W) 


Long Gov. Bond yield 


JAPAN** 

Dow Average (16/6/45) 
Tokyo New SE (4/1/68) 


(c) 7761.11 7784.16 8018.14(17/8] 69G6J58 (13/3) 
(0) 674 j#l S7BJS1 88&2£(T7/8) 436J3 (6(1/81) 


soc. Gen. Banq - 2,700 
Soc. Gen. Beige- 1,480 

Safina- 3,S00 

Sohray- - 2,320 

Traction Elect.... 2,663 

UCB, 1^05 

Union Min lore .... 796 

lRellle. Mont ....... i,665 ; 


'NY. &.E. ALL COMMON 

Febi Feb. jFab. j Feb. S-— 
12 | 11 10 | 9 f High 


Rises and Falla 

,Feb. 12 Fab. HFeb. 10 


NORWAY 
Oslo SE (1/1/78) 


H0.18 '18LS5 146.72 (6/8) 


116^4 (5/6) 


310 > 127 X2e Ban Cairo 

430 236 tale Gen Faux — 

154,0 102.1 [Co fimsg 

214^| 109.ltaCF--.i-. 

93 1 31.4;creu«>t Loire— 

243 J3j 90.5JCFP -.... 

50 27.4IDNEL : 

1,565 760 iDumez. 

518 401 IGftn. OccidenteL 


1981 -82 


Issues Traded - .1,829 1,855 1,878 

Lflu, Rlsas— — — I 691 641 I 887 

L0W Falla.--. 660 760 628 


SINGAPORE 
Straits Times (1986) 


766 d 7S3.«M 763.-861 776.71 073i8 (SB/6) 1.7EBJZ HM I DB04AAK 


TfflK&SSd'J 4 3 


SOUTH AFRICA 
Gold (1968) 
Industrial (1956) 


619.9 628.9 55IL8 630.6 787^(7/1/87) 473.8 (3/7) 

710.1 708.7 708.8 7D8.1 71 1J (Bfl/82) 637J8 (5/2) 


1981/82 
High | Low 


MONTREAL 


Feb. Fab. Feb. j Feb. 
12 11 ID I 9 


industrial* ZMJat 284.W! MB.M 283 J8 W^fi7® W«B 
(SmSSSmS 277^8 276 . 7 ft 278^1 278^1 376^8 ( 13 rf) 278.81 ( 8 / 2 / 88 ) 


SPAIN 

Madrid 5E (30/12/81) 


106.45 WJS 107J6 107,46 1S7.46 (8/2/82) | 88.17 (6/1/8!) 


SWEDEN 

Jacobson &P. (1/1166) B1S.7S| 60858 896.88 HSJ 


860.61 (11(8) W4.1I (29/1(81) 


TORONTO Composite|l67&44| 16M.lj 1877-lj 1675.01 239fc55 (16/7) | 1875J (9/2^2) 


IHE^i^pn^l/12/68)j 248 J 247J J 248 J 260.8 M2 m 24LS (17/11) 


y 


NEW YORK ACTIVE STOCKS ■ 

Change Cfcen* 

Friday. StockB Closing on - 5to«u Closing on 

• traded price day - -P"“® *2 

Msrril Lynch ... 1,456,600 31V- -I 1 * Beth. Stwl +£> 

Hospital Cpn. . 1 JB0.900 31H -IAi Biunawiek ....... <»,«» m -+J5* 

Philips Pet. 1-016.400 38*. -1 5 « Marathott Oil .- . 5, - °^ 

78*600 20*» -ri-WB Texaco ^*^22 ” 

ATT ^n nivi 58 — Exxon *15,700 26 7 i — 


WORLD 

Capital Inti. (1^/76) 



- [ 137.6 { 137.8 $ 137.0 ( lffl.B (8/1/81) { 13BJ0 (28/9) 


: * (■•) Sat Feb fix Japan Dow 7779.41 T$E 573.00. 

Base values of all Indices era .100 except Australia All Ordinary and Motels — 
500 : NYSE Alt Conuuv— 50*. Standard and Pqqrp- 40: and Toronto— >1,000; tha. 
last named based on 1875. t Excluding, .fiends.. 1 4QCL- Industrials. £400 
Industrials "plus 40 Uiilibas, ^/T fuiancials and 20 Tranapcutxh c Closed, 
u Unavails bl®. 


iAndetsbanken.... 125 
Battica Skand — 370 
CapHandelabanicl38Ji 

0. Suklcerfab .1368.4 

Danska Bank' ,]l38jl 

East Asiatic .—.1129.5 
Forenede BryggJ640 
Forenede DampJ435.4 

IGNT Hldg- .1273 

Llyske Bank.,.— .1 186.6 
Word KabeU.—. (151.0 


61 UmotaL 

246 jLafarga- 

590.0iL’Oroal 
l,165Legrand—.— .. 
35.4;Machlnes Bull. 

632Matra- 

60B : Michelln B. 

377.8, Moet-Hennassy 
49^1 Moulinex — 


SWITZERLAND 

1991/82 I ">eb. 12 
High ! Low - ' 


268 i 165 Paribas 

105 62.B,PachIney 

357 • 238 .Pernod R/card . 

1863: 195 iPenrier 

193 I 112 IPeugeot-SA 

206.0 128 iPoclain 

289.9! 173.6 Radiotech 

973 440 [Radoute 


J 2100 i 
.1101.7# : 
528.0 , 
164JJ 
189 

J 181.5 
,.i 289.5 
-I 884 , 


NOVO Ind....... 1:470 

PopirfabrHtker... 90 • 

Privatbanken^.. 138.2 


125.9' 45,5 Rhone-Poulanc J113.6; 
265^! 1 5 1,1'RousfPl-Uclaf —!265.9 

152.61 QO.ljSt. Gobalrr '152.6# 

640.0' 385 Skis Rosslgnol ... 525 
392J7I 212 (Suez - 331# 


l.l&ffl BBBiAUiauisae.— I 590 

1.900 SQOjBrown Boveri 950 

1,320 snOjClba-Gsigy ! 1,225 

995 755 do. (Part Certsl.l 925 

2*795 1,890 Credit Suisse ' 1J10 

2,630 2,035 Elektrowatt— 2JL0 
760 450 Fisher (Gao)-.-. 1 460 

8T,50ffl57 ,7 50Ho |1 -lioehePtCte57,75 0 
8,5001 5,800 Hoff-Roohe l/10.i 5,800 

6,600] 5,100 interfeod,— 5,200 

6,485 l,140jjelmolf — ll235 

1£90) 1,070 Landis ft Gyr...—! 1,030' 

l*£S2! ?*?!S Nlwtl4 ! 3,115 

2 , 800 , l llOOer-Buehria,..— ,i 1JJ60 

, 272 206[pirelli..- -4 ^12 

4,625| 3 ( 350«andtlZ (Br)„ J 4,335 

590 430' t sandoz (PtCtal.J 505 

285 235;Schindler(ncta)l 238 

736; 612|Swieealr. I 655 

395] 298 Swiss Bank! | 300 


Banking, insurance 
and Financo 

Bank Leumi le Israel ... 2.042 

IDB Bankholding 1.574 

Bank Hapoalim Br 2,743 

Union Bk. ot Israel Br. 1.900 
United Mizrahi Bank ... 1,388 
Hassneh Insurance Be, 1,450 
Leumi Mon. Bank Br. ... 1.110 
•Tefahot" rsri. ML Bk. 1J355 

Danot- 3SD 

land Development 
Africa Israel inv. 3,450 
Israel Land Devpt. Br. ... 1^445 
Property end Building ... 1,110 
Public Utility 

Super.Sol "A" 1,740 

Investment Companies 
Bank Leumi Invest. ...... 945 

'* Clal " Israel Invest. ... 700 

Discount Invest 960 

Commercial and Industrial 

Polgst ** B " 2,800 

Dead Sea Works - 2,490 

Argeman Textile Br 647 

’* Ate " Textile " B " ... NT 
Amar. Israeli Ppr. Mills 1,400 

Elite 2.059 

Teva Reg 1.310 

Fual and Oil 

Delek 1,100 

Source: Bank Leumi Is Israel 
Aviv. 


>55 
BM. Tsl 


239,2- SfttidUHFI);mmnia55J-~ 
391 i. Bererwi son —.1499 
118 tSuperfoe — ... — 1 185.6 


:.ia38; B44 

£58 148 


J . w*i r | icraiu«wM 

i48‘'rHiQmaon Brandt 
! 149.5|ValQO- — ; 


- 331# 


7,425! 6,000 Swiss Rainsc'e — 1 6,000 
13251 820jSwiaa Volksbk._.| 


ftpwiiviyvintertliiir c.zuu 

6,67 51 14.300 [Zurich Ins. 14.850 


NOTES >-Pricas on this page i 
-quoted — an- the - ktAvidsaft—wel 
wn l "a r >'llBt 'Itu dBdTniH K' a iw 

SUC pended, xd Ex dividend, xc & 
issue, xr Ex rights, xa Ex aJL 






























































































30 

Companies 
and 


Financial Times Monday February 15 1982 


S* CURRENCIES, MONEY and GOLD RECENT ISSUES 

— Za 


MONEY MARKETS 


Only the brave 


COLIN MILLHAM 


EUROPE was still showing 
defiant signs of refusing to be 
deflected front tfce path of lower 
interest rates last week, despite 
contrasting events in the U.S. 
Continued fears about money 
supply control and the size of 
the U.S. Budget deficit pushed up 
Eurodollar and domestic interest 
rates, while the Federal Reserve 
discount rate of 12 per cent looks 
way out of line with prime rates 
of 161 per cent 
Meanwhile Europe set its face 
against these events and pursued 
an independent line. The .most 
obvious example was France, 
where the official call money rate 
was cut on each of the last four 
days, to a level of 14*0 per cent, 
compared with 141 per cent at the 
beginning of the week. The rate 
at which the Bank of France 
intervened to assist the money 
market was cut by £ per cent to 
Hi per cent on Thursday, and the 


seven-day Treasury bill discount 
rate was reduced to 1IJ per cent 
from 164 per cent on Friday. 

In M ilan interest rates did not 
change much, but rumours- cir- 
culated that the Bank of Italy 
may be considering a cut in its 
discount rate, which has been at 
19 per cent since last March. 

In Frankfurt rates were steady, 
as German banks coped quite well 
with a tightening of liquidity 
following the unwinding of a 
DM 4.6bn securities repurchase 
agreement at the beginning of 
the week. 

London interest rates also 
showed little change, with all 
interbank periods staying within 
a range of 14*-14| per cent. Bank 
of England dealing rates with the 
market were unchanged, and 
discount houses buying rates for 
bills were also steady. Market 
nerves could be judged by the 
low level of applications for 


Friday’s Treasury* bill tender and 
a further rise in the average rate 
of discount. 

This reflects the short-term 
view of conditions, although the 
medium term view taken by the 
gilt-edged market looked rather 


more confident, encouraged by a 
steady inflation figure of 12 per 
cent One major clearing bank 
was optimistic enough to talk of 
further cuts in base lending 
rates, but only the brave or fool- 
hardy can totally ignore 1 U.S. 
trends. 


WEEKLY CHANGE IN WORLD INTEREST RATES 


BANK OP ENGLAND TREASURY BILL TENDER 


LONDON 
Base rates 
7 day Interbank 

3 mth interbank 
Treasury BUI Tender 
Band 1 Bills 
Band 2 Bills 
Band 3 Bills 
3 Mth. Treasury Bills 
1 Mth. Bank Bills 
3 Mth. Bank Bills' 

TOKYO 

One month Bills 
Three month Bills 

BRUSSELS 
One month 
Three month 


I 

j Feb. 12 :change ; 


,14 

'14*1-141? 

iWA-WJi 
HJ.7844 
[13 *8 

• 13i,J ■ 

13 V 

,13fc 

IlSfl 

.152-137& 

I 

I 

16.71876 

16.69575 


c 

'Unch'd! 


MEW YORK 
Prime rates 
Federal funds 
3 mth Treasury Bills 
6 Mth. Treasury Bills 
3 Mth, CD 

FRANKFURT 
Special Lombard 
One Mth. Interbank 
Three month 


Feb. 12 charge 


Feb. 12 . Feb. 5 


Feb. 12 < Feb. 5 


AMSTERDAM 
One month 
Three month 


i!41* 

ilS 

I 

I 

[1038 

'10* 


I. ((b 

££2183 
lunch'd 
lUnoh’d 
‘Unch* d 
l + i4 
.Unch'd 
;+* : 

PARIS 

Intervention Rate 

1 Mth. Interbank 
Three month 
MILAN 
One month 
Three month 
DUBLIN 

' + i One month 

■ + it i Three month 


.16 In 

14V15U 
: 14.13 
15.96 
,15.53 

10 

'9.65 
: 10.25 


, Unoh'd 
•Unoh'd' 


!— k 
-U 


£100 m 


|Top accepted 


Bills onoffer* ■ £100m , .. 

Total of I rate Of discount* 13.817911 J 13.5973% 

applications £l65.7Km£548JMm Average I 

Total allocated.... £100m • £100m i rate or discount 13.7844* . 13.5681% 

Average yield ' 14.97% 14.04% 

'Amount on offer j I 

at next tender... | £100m £100m 


■1414 

*1439 

Jl4is 

i80ra 

21,'i 

187k 
' 1S7& 

I 


Unch'd 
-is 
+ 0.31 
+ 0.14 

.-t-0.18 

-Unch'd 
■t 0.025 
+ 0.025 

-i» 

-fa 

-5* 

Unch'd 

+iV 


Minimum 

accepted bid £96.555 £96.61 

Allotment at i 

minmr un level... 49% I 74% 


London— bend 1 bills mature in up to 14 days, band 2 bills 15 to 33 days, and 
band 3 biHs 34 to 63 dtys. Rates quoted represent Bank of England buying or 
selling rates with the money market. In other centres rates are generally deposit 
rates in the domestic money market, and their respective changes during the 
week. * Band 4 (64-91 days] 13V 


FT LONDON 
INTERBANK FIXING 

3 months U.S. dollars 


LONDON MONEY RATES 


• Sterling i Local 

Feb. 12 : Certificate ! Interbank Authority 
1969 | of deposit ! docoalts 


bonds 


bid 16 3.B 


offer 16 1/2 


6 months U.S. dollars 


bid 16 3.B 


offer 16 1/2 


Tr-e hmng rates (Feb 12) are the arith- 
metic means, rounded to the nearest 
one-sixteenth, of the bid and offered 
rates for SlOm quoted by the market to 
five reis.-ence banks at 11 am each 
working day. The banks are National 
Westminster Bank. Bank of Tokyo, 
Deutsche Bank, Banque National do 
Paris ar.d Morgan Guaranty Trust. 


Overnights • 

2 days notice—; 

7 days or 

7 days notice... 

One month 

Two months... 
Three months. 

Six months 

Nine months^. 

One year 

Two years 


1314-20 


I4£-14la 
145a 14£ 

145b 14£ 

14*14* .. .. 

14 *-14* > 14Sa 14U 
14* -14* [ 1458-1434 


14Je-14is 
14* 14* 
1412-1459 
14*- 14* 
14*- 14* 


13 It- 14 U 
14ia-14M 

14*4 

145a 

14ig 

1458 

14,7.- 

145« 


15-1458 
16 1456 
15-1458 
1413** 
14 >8 14 la 
145s 14tt 


Finance 1 Discount 1 

House ^Company Market Treasury 
Deposits I Deposits Deposits; Bills* 

Eligible > Fine 
Bank . Trade 
Bills * ; Bills « 

— i 14 1 *- 145 b 13-141*! — 

~ : 141* -14 7 ■ 14-14«a : — 

14* 141*15 . 14 13Tt-137a 

14 12 | IS 133* 13i-13ii 

14Sa | 15 . 133a • f3f.- 

iJS | - i = 1 = 

Z ! “ 

iir ' 147# 

13S-137 e 143* 

13^-137g 1412 

13S-135a 14* 


Local authorities end finance houses seven days’ notice, others seven days fixed. Long-term local authority mortgage 
rates nominally three years 14 7 * per cent: four years 15 per cent; five years 15 per cent. 4>Bank bill ratB3 in table are 
buying rates far prime paper. Buying rates for four-mondi bank bills 13’i per cent; four months wads bills 14 1 - per cent. 

Approximate selling rate for one month Treasury biHs 13V13* 3 * per cent: two months IS 1 ** per cent; three months 
13u» per cent. Approximate selling rate for one month bank bills IS 27 ]? oer cent: two months 13’* per cent and three 
months 13i» per cant; one month tradB bills 14H per cent; two months J4 J j per cent: three months 14T« per cent. 

Finance Houses Base Rates (published by the Finance Houses Association) 15 l i per esnt from Februsrv 1 1282 . 
Clearing Bank Deposit Rates for sums at seven diys' notice I1V-12 per cent. Clearing Bank Rates (or lend. tig 14 per 
cent. Treasury Bills: Average tender rates cf discount 13.7844 per cent. 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 


Feb. 12 

Starling 

; U.S. Dollar , 

Canadian 

Collar 

Dirtoh Guilder' 

Swiss Franc 

'•Vest German 
Mark 

French Franc ' 

Italian Ura 

lEelglan Franc 
j Convertible 

Japanese Yen 

Short term - 

KU-14is 

1 153-.-16 

14 -'4-1514 

lOU-lOi* i 


9^-10 a : 

14»4-145 4 , 


| 13-16 

; 6 - 6 ! : 

7 days' notice . 

1458-14'j 

i 157g-161p j 

14 i^-lS *4 

1018-10 k ' 


10 - 10' 8 i 

14J4-14J* 

191- 2 He 

! 14-17 

6 - 6 >; 

Month • 

14re-14r> ; 

1 16 161t 

15:4-1553 


Wri 

lou-ioje 

1414-143# 

201 - 211 - 

J 17l#-18l2 

6,4 6 

Three months ... 

14^-14 ri 

‘ 1614-161® 

155f 16 

10r*-10,V ! 

83e 8 l 2 

10 !*. 1038 1 

15- 1 5 If • 

22-225(i 

• 18-19 


Six months 

14~14r 

16 lj-161; : 

16-165# 

101C-104J ' 

8 i;- 8 r, 

1014-105# 

16-1612 I 

22 h -231# 

1 1812-1914 

67 : - 8 - 

One Year 

1434-1478 

1S-164 

16I<-26Sb 

lOn-lOh : 

On-En 

10 > 4 - 103 a 

1656-1678 > 

22 93-2536 

1 I 7 I 3 -I 8 I 2 

' 6 ;-. -7.4 


Cfl R inked deposits: cna month 13 a M .-13 11 i* per cent; three months 13V14 p+- c-w': sx months 13V14*a per cent: one year 13 J «-14 ! a per cant 
ECU linked deposits: one month 13*s*-T2*H» per een!: three months 13*»-13“^ pBr ctntr sis months De.* rent: one yaw per 

As. an S 1 closing rates n Singapore): chb rnont.i 16-T6 ! * per ccr-:; three months per cent: six months 16*i*-16 T ,» per cen:; one year 16V-1t_ .... 

Lone-term Eurodollar two years 16-16* per cent; three years HFi-IF* per cant; lour years ‘iftW-lB 1 * per cent: live years 16U-16 : » per ccrt nominal dos -j rates. 

The Iclle.ving rates were quoted for London dollar certificates ol deposit: one month It. 75-15.85 per cent; three months 15.85-16.35 per cent; 3 x months 15.CC- 
1E 10 par cent: one year 16 EM6.T0 per cent. 


con!. 

1C= 4 par cant. 


CURRENCIES AND GOLD 

Dollar advances 


Interest rate trends and state- 
ments by U.S. officials and 
economists combined to keep the 
dollar very firm last week. U.S. 
money supply figures tended to 
cause confusion, with the market 
hoping that tbe statement by Mr 
Paul Volcker, chairman of the 
Federal Reserve Board, would 
shed a little light on the subject. 
It seemed to lake heart from the 
indication that the U.S. authori- 
ties do not intend to push up 
interest rates, but was not too 
pleased to hear Mr Volcker’s 
opinion that the Budget deficit 
poses a major hazard to financial 
markets. Dr Henry Kaufman of 
Salomon Brothers added to the 
gloom by his comments about the 
Budget deficit and against this 
background Eurodollar and 
domestic U.S. interest rates 
firmed. 

According to the Back of 
England the dollar's trade- 
weighted index rose to 112.7 from 
111.3. Despite the closure of New 
York on Friday for Lincoln’s 
birthday and for Washington's 
birthday today the dollar finished 
the week on a very firm note, 
rising to DM 2.3S50 from 


GOLD 


DM 2.3460 against the D-mark: 
to SwFr 1.9125 from SwrFr l-SSFO 
against the Swiss franc:- to 
FFr 6.0425 from FFr 5.9710 in 
terms of the French franc; and 
to Y238.25 from Y233.60 against 
the Japanese yen. 

Sterling's trade-weighted index 
was remarkably stead:-. It rose 
to 91.9 on Monday, but then 
settled at 91.6 where it remained 
almost throughout, closing un- 
changed on the week. The pound 
declined against the dollar, but 
was strong against the yen and 
Continental currencies. It fell 1.95 
cents to $1.8400, but rose to 
DM 4.3900 from DM 4.3625: t* 
SwFr 3.5200 from SwFr 3.5075: 
to FFr 11.1135 From FFr 11.0975: 
and to Y43S from Y434. 

Members of the European 
Monetary System traded quietly 
among themsplves. The lira 
improved slightly, while the 
Belgian franc remained the 
weakest currency. French interest 
rates fell throughout the week, 
but the French franc was again 
the strongest member 

Gold weakened on firmer U.S. 
interest rates, falling $51 to 
$3781-3791. 


Feb. 12 


Feb. 11 


Close - — 

Opening — 

Morning fixing _ 


Gold Bullion (fins ounee) 
83784-379 U (£2053* -206 14 I (5380-381 


S378-379 
5579 


Afternoon fIxmg,S377.5C 


(£205 i s 2056g) 18384^-38519 
(£205.587) 15380 

(£205.442) 8SBQ 


Krugerrand 

1/2 Krugerrand... 
li* Krugerrand... 
>/50 Krugerrand 

Mapleleaf- 

New Sovereigns. 
King Sovereigns. 

Victoria Sova 

French 20,8.. 

60 pesos Mexico’ 
100 Cor. Austria 
630 Eagles 


Gold 

S3 8919-390 Is 

S200ia SOU* 

5102-103 

£415' -42*4 

839019-39112 

5925.-93U 

6108-109 

8108-109 

S90-100 

5470-472 

5369-371 

5507-515 


Colne 

(£211 St- 212 14 ) 
(£100-10919) 
(£56is-56) 
,£2214-2310 
(£21219-213) 
(£5012-50*4! 
(£581,-59 Ui 
(£58*4 59141 
(£49-54 is) 
(£2551; -2 56^4) 
(£20054-201 3 4 ) 
(£27514-279) 


] 8392-363 
8205-906 
j 5104-105 
542-43 
I S393-394 
I S93is-94 
* 8100-110 
. 8109-110 
: 591-101 
8473-475 
; S371-37319 
: 8511-517 


(£205-205191 

(£20719-208, 

(£205.7821 

(£205.405) 


(£3 11 1,-212 U) 

(£110Vllll4) 

(£6614-5614) 

(£2234-25141 

(£21214-212341 

(£50i£-5034i 

(£5834-69141 

(£5834 69 14 ', 

(£49 It -5419) 

l£255le-25lg61 

(£200ia 20134) 

(£276-879i 4 ) 


THE POUND SPOT AND FORWARD 


Fab 12 

Day's 

spread 

close 

Qns month 

Three 

p.a. mor.Lhs 

• 

p.a. 

U S. 

1.3315-1.8475 

1.8390-1^410 

0.24-0.34® dis 

-1.89 0.73-0.88dis 

-1.80 

Canada 

2.2220-2.2370 

2.2390-2.2410 

0.15-0.25c dis 

-1.07 0.S5-0.80dis 

-1.29 

Nerhlnd. 

4.79-4 £2 

4.80*«-4.81*« 

IWjC pm 

3.43 5V! : : pm 

4.06 

Belgium 

74.40-74.60 

74.65-74.75 

13-38c dis 

-4.50 70- K) His 

-4.28 

Denmark 

14.28-14.36 

14.33y14.34 

1 s a-2Vve dis 

-1.57 5V7 dis 

-1.74 

Lreland 

1.2420-1.2490 

1. 2460-1 JM70 

0.39-0.50p dis 

-4.28 1.22-1.34dls 

-4.11 

W. Ger. 

4.36-4,40 

4.38 l i-4.39 1 r 

IV'epf Pm 

3.76 4V-4S pm 

4.21 

Pcriugal 

127.00-128.00 

127.60-127.90 

40 -160c drs 

-9-39 145-400 dis 

-8.53 

Spain 

184 20-185.20 

1E5.DO-18S.20 

5- 30c dis 

-1.13 70-100 dis 

— 1 .24 

Italy 

2-330-2.342 

2.336V2.338 , 2 

11^-141, lira dis 

-6.54 42-45 dis 

-7.44 

Norway 

10.96-11.07 

11.00-11.02 

1V1>oro pm 

1.36 2-1 pm 

0.54 

France 

11.(77-11.13 

11.10>4-11.11 , 4 

VI'i* dis 

-0.67 2-3 dis 

-0.99 

S'*xd«n 

10.60-10.67 

10.64-10. 55 

J *ora pm- 1 * die 

—0.0/ 2V2 pm 

0.S9 

Japan 

436-440 

437 , !-43E4 

2.80-2 50y pm 

7.26 8.70-3.40 pm 

7.61 

Austria 

30.S-3C.S0 

33. 62-30.73 

• , 5 1 -'2 , rflre pm 

5.47 42-35 pm 

5.01 

SwiC. 

S.SO^-S^Iy 

3.51ir3.52>: 

2-1 pm 

5.96 pm 

5.82 


• Belgian rate Is for convertible francs. Financial frenc 82.75-62 35. 
Six-month forward dollar 1.55-V65c dis, 12-month 155-2. 75c d;s. 

THE DOLLAR SPOT AND FORWARD 


Feb 12 


Day's 

spread 


close 


One month 


■i Three 
p.o. months 


p.a. 


UKt 

Ireland! 

Censda 

Met hind. 

Belgium 

Denmark 

W. Ger. 

Portugal 

Spain 

Maly 

Norway 

France 

Sweden 

Japan 

Austria 

5 witz - 


1.8315-1.8475 

1.4720-1.4825 

1.2110-1.2130 

2.6030-2.6175 

40.53-40.66S 

7.7700- 7.8076 
2.372S-2L3925 
69.15-63.60 
100.19-100.65 
1. 267-1. 272‘; 
5.9700-6.9900 
6.0200-6.0S00 

5.7700- 5.7360 
237.25-23S-Z5 
16.60-16.77 

1 -9050-1 .9200 


1 £390-1.8410 
1.4735-1.4765 
1 £125-1.2130 
2.6100-2.6150 
40.61-40.63 

7.7800- 7.8000 
2.3845-2.3855 
69.40-69.60 
100 .50-100. SO 
1.267-1,269 
6.9800-5.9900 
6.0400-6.0450 

5.7800- 5.7900 
238 20-238 30 
15.7V *-16.761, 
1.9120-1.9150 


0.24-0 -34c die 
0.35-0. Z5c pm 
0.03-0. 05c pm 
1 J7-1.17C pm 
2-5e dis 
i«ora pm -par 
1.12-1.07pf pm 
15-75c dis 
5 c pm-S dis 
4 1 — 51* lira dis 
1.95 -1.75 ore pm 
0.80 -0.60c pm 
0.9 5-0. 55 ore pm 
1.35-1 70/ pm 
Wj-SVjro pm 
1.30-1. 20c pm 


-1.89 

2-44 

0.64 

5.60 

-1.03 

0.19 

5.51 

-7.77 

-4.60 

3.71 

1.39 

1.86 

8.94 

7.16 

7.84 


0.73-Q.SSdrs - 
0.92 0.82 pm 
0.17-0.12 pm 
3 .31-3,32 pm 
19-23 dis 
por-ie dis 
3.55-3.50 pm 
60-1SS dis - 
5-20 dis 
17-19 dis 

3.70- 3.40 pm 
1.50-1.10 pm 
4.30-4.10 pm 
5.65-5 SO pm- 
29>.-26’« pm 

3.70- 3.60 pm 


■1.20 

2.36 
0.48 
5.92 
■2.07 
-0.06 
5.91 
■6.76 
■0.50 
• 6.66 

2.37 
0.86 
2.90 
9.3S 
6 74 
7.53 


t UK end Ireland are queued in U.S. currency. Forward premiums and 
discounts apply to the U.S. dollar and not to the individual currency. 


FORWARD RATES AGAINST STERLING 




Spot 

1 month 

3 month 

6 month 

12 month 

Dollar 


. 1.8400 

1.6429 

1.8483 

1.BS60 

1.8665 

D-Mark 


. 4.3900 

4.3753 

4.3438 

4.3020 

4.21 S3 

French Franc .... 


. 11.1129 

11.1188 

11.1375 

11.2048 

11 3Z39 

Swiss Franc 


. 3.5200 

3.5025 

3.46SS 

3.4254 

3 3269 

Japanese Yen .. 


. 438.0 

435.3 

429.4 

422.2 

408.6 


EMS EUROPEAN CURRENCY UNIT RATES 


RECENT ISSUES 


“RIGHTS” OFFERS 


Issue 

price 


c* 


Latest 
, Renunc. 
>2 date 
eg . A a 


1981)2 


Stbok 


-ed 

«£& + or 


EQUITIES 


issue I =% 2 01 1981)2 


SSiKlH 1 - 

P Hi 


Stock 


High Low' 


ECU 

central 


Currency 
amounts 
against ECU 


4 change 
from 
central 


% change 
adjusted for 


Divergence 


OTHER CURRENCIES 


Feb. 12 


S 


1 Note Rates 


Argentina Paso J 18.436-18,496 r. 10,000-10,0601 'Austria. , 30.55 30.85 

Australia Dollar-.! 1.8965 1,6985 0,9325 0.0230 fBalglum....— 82.30-83.30 

Brazil Cru*oiro....|250.49 251.49 ,136.07-136.75 1 Denmark. 14.28-14,43 

Finland Markka,.! 8.3268.348 |4.52flS 4.5315 France 11.0711.17 

Greek Drachma-Jl 10.4 14-113.7S4' 61.35-61.55 Gerir.my^ 4.37 4.41 

Hong Kong Dollar 10.8fli- 10.87* j 5.9090-5.9 140 . Italy ' 8310-2575 

Iren Rial 150.00' | 31.40* Japan 438443 

Kuwait PlnanKD)! 0.523-0.629 ; 0.28520.2854 ' Netherlands 4.78 1 = 4.82 1 2 

Luxembourg Fr...! 74,65-74,75 ; 40,61 40,65 Norway 11 . 0011.10 

Malayaia Dollar... ,4 .2625-4.2725 , 2.5210-2.3230 ; Portugal 124- 13Uc 

New Zealand Dir. 2.3225 -2.3265 : 1.2625 1.2635 Spain ; 184-194 

Saudi Arab, ftlya.ll 6.27-6.34 -3.4195-3.4215 : Sweden- 1 10.60-10:70 

Singapore Dollar.3^87SV.8975 2,1165-2.1185 Sv/itzerland .. ' 3.50 3.541 4 
Sth.AfrleanRandll.8105 1.8125:0.98400,9850 United States.^. 1 1.85Ja-1.85ie 
U.A.E. Dirham ....I 6.75-6.81 1 3.6715-3.6735 { Yugoalavia-^ ! 94-99 


f Now one rate. * Selling rats. 



rates 

February 12 

rats 

divergence 

limit % 

Belgian Franc ... 

40.7572 

41.7132 

+2.35 

+1.22 

+1.536S 

Danish Krone ... 

7.91117 

8.01075 

+1.26 

+0.13 

-1 6412 

German D-Mark 

2.40939 

2.4508S 

+ 1.70 

+0.67 

+1.1077 

French Franc ... 

6.17443 

6.21696 

+0.69 

-0.44 

+1.3733 

Dutch Guilder ... 

2.66382 

2.08632 

+0.84 

-0.29 

±1.5063 

Irish Punt 

0.684452 

0.686Z35 

+1.72 

+0.59 

+1.6688 

Italian Lira 

1300.67 

1305.97 

+0.41 

+0.14 

±4.1229 


Changes ur? (or 6CU. tharefgre pesilive change denotes a 
weak currency. Adiustmem calculated by Financial Times. 
Siarlmg/ECU rale for February 12 0 55 9 53 2 


CURRENCY MOVEMENTS 


Feb.12 


| Bank of ; Morgan 
1 England ! Guaranty 
{ Index Changes^ 


Sterling 91.6 Unvafble 

u.s. dollar..- 112.7 

Canadian dollar.... 86,4 „ 

Austrian schilling.: 115.3 „ 

Belgian franc. 103.0 ., 

Danish kroner 85.4 „ 

Deutsche mark 130.9 M 

Swiss franc 151.0 „ 

Guilder 113.8 , 

French franc 79.7 „ 

Lira 55,1 - ,, 

Yen 157.1 . • ,, 

Based on trade vnfgbtad crangee fmci 
WaehMgtoft agreeaent Pee wn bra. Wl. 
Bank of England todoa (teas 
1976-100). 


CURRENCY RATES 


Fab. 


Bank; Special i European 
12 ; rate Drawing 1 Currency 
. % Rights - Unit 


0.559532 

1.02590 

1.24452 

17.1531 

41.7132 

8.01075 

2.45C88 

2.68632 

6,21696 

1305.97 

245.190 

6.14207 

103.154 

5.94766 

1.96768 

62.9391 


©terllng.— „ — 

U.S. S 12 

Canadian S.. 14.87 
Austria Sch . 6J« 

Belgian F.._ 
Danish Kr.^. 

D mark 1 

Guilder.. ■ 

French Fr.„. 

Ura 

Yen 

Norwgn. Kr. 
Spanish Pts. 
Swedish Kr. ■ 

Swiss Fr 


14 

11 

7'C 

eia 

9i 2 , 

19 

6lg 

9 

8 

11 

6 


0.613749 

1.12850 

1.36831 

18.8471 

45.8510 

8.78989 

2.69034 

2.95159 

6.82743 

1455,46 

868.244 

6.74956 

113.502 

6.52273 

2.15995 


Greek Dr'ch. 20> a - 


EXCHANGE CROSS RATES 


Feb. 12 

Pound St'rllng 

U.S. Dollar 

Deutschem'k; Japan's® Yen French Franci 

Swiss Franc Dutch Guild'. Italian Ura 

Can&dia Dollar.Belgis n Frane 

Pound Sterling 

U.S. Dollar 

1 

0.545 

1.840 

1. 

4.390 

2.5B6 

438.0 

238.0 

11.113 

S.039 

3.520 4.813 

1.915 2.616 

2338. 

1270. 

2.240 

1.217 

74.70 

40.60 

Deutschemark 
Japanese Yen 1,000 

0,228 

2583 

0.419 

4.201 

1. 

10.02 

99.77 

1000. 

2.531 

26.57 

0.802 ! 1.096 
8.057 1 10.99 

532.5 

9337. 

0.510 

5.114 

17.02 

170.5 

French Frane 10 

Swiss Franc 

0.900 

0.284 

1.686 

0.523 

3.951 

1.247 

394.2 

124.4 

10. 

3.157 

3.168 4.331 

1. [ 1.557 

2103. 

664.1 

2.016 

0.636 


Dutch Guilder 

Italian Ura 1.000 

,0.208 

0.4 28 

0.382 

0.787 

0.912 

1.878 

91.01 

187.4 

2.309 

4.764 

0.751 1. 1 485.7 

1.606 2.059 ! 1000. 

0,465 

0,958 


Canadian Dollar 0.446 

Belgian Franc 100 1.538 

0,821 

2.463 

1.960 

5.877 

195.8 

585.5 

4.961 

14.83 

1.571 2.143 ■ 1044. 

4.713 6.448 . .3129. 

1. ! 35.35 

2.999 1 100. 


t 


«30 

100 

U00 

r 

80 

150 

190 

II Jl 

55 

116 

46 


;F.P.’12!2 
FJ*.'12;2 
F.P.: ^ 
.F.P.! - 
!F.P.|13fl 
'F.P.i - 


I 30 . 2 B 1 ; Asset speial lOp 29*2 — - - - 

1 99 ,96 Baitlie GiffordJ'nTst. 96 ...... - - . - . - 

: 37 36 ; Do. Warrants... 36 

j340 315 -aiEldridge Pope £1... 340 

1 84 81 I^Equipu. 10p M 82 

! 10 . 7 F&c Enter. Warrants 7 

|F,P. ! 4:1' 165 156 SHaytere £1 — 160 

: F.P.- - ; 90 89 4- imm. Bus, Sys- 10p 89 

!f.P. — 1 53 48 -^Malaysian Tin 5p 48 

iF.R. : — 131; 4l2 Peek Hldgs.... 13*2 — 

:f.P. 29 ( 1 ;131 117 Speyhawk.lOp. 131 ■ J -2 

'F.P. — 1 5 3 1£ Vinsrs lp 4 • ... 

: F.P. 19)2 '53 '47 >i>York Mount 53 *2 


-1 


-1 

—4 


9,5 2.9' 4.0.10.5 
, bd3.1 2.i: 6.412.6 

. 10.3 * 9.9. ♦ 

r r ; z n.5 

. 9.1 

bd7.0 2,5- 7.6 6.9 

b451 3T9 12J2 2.3 


E.5A& 
15 , 

Nil 19l2 

- i 244 200 iCSRA Sl r. -/.'J.... ... ; 

17/2i 19 ■ 16 ^Carlton Real Bts.lOp ^,„v 

302 <+2 

18X^1 ...^ 

22pm:-^4 
114 . 

140 . 


55 

F.P.12/Z 


-30pm. 

■260 

48pm 

224 ■-.-2; 

ftJZ. 

180 

2 20 

Nil - 
F.P. 1 29 /l 

Nil : - 

26/2-260 | 212 IKwIk-Sttve lOp . . 

” , 61pm! 47pm Lovell (YJ.) 

188 

F.P.-11/2 


25 ! 
•45 : 

NH '26)2 
Nil - 

- 1 5pS, 4pm:Steaua RomanafBrit,... .;.. t 

4pm : -i 

55- ]+). 

so ; 

F.P.19H 




PIR Of 


FIXED INTEREST STOCKS 


■ j-.* iHintta last day lor ceaiinn *<■ wnp vi 

ha«d^T^w£is Saw. * DhfWead rate paid -o* P tyaM — « 

on dividend on full capital. £ AssunwdjlMfaad ond, ^Jd. 

?rt5^aa SSX on pcwfaoa y awn ing. 

i^ij hmmpri on DfOSDOCtlM O r OllHV oRiCUSl oillflllVll TO f l^oZ* Q 6KKUL 
or report awaited. * Covpr «tfews for Convtatfetr 

VSSZ n S now'raolS for 

r n.rinn nrica. o Fence unless olherwiss Indlcalad. 1 1 lined by tender. - 

SSml 55 Reintroduced. « I»*uo * * coan«tk>a wt^raoigaolaitlqq. 
SSSrVttkfrlver. QS introduction. QtaaMd » «br««f Adbrnn.NMna. 
■T^lotment letters (or fully-paid) . • W^Wona' 

at With warrant*, tt Deefioga under apedai Rufe. Unumd SeoeiMaa 

MarictL Tt lo^on Uatfng. t Effective iaaua prt» MM* \f ftnoarty 

dealt fo under Rule 163(21 (*)- 


issue ' 1 3 
price 1 qo 

£ :It 


I 

Sifli 

•Saul' 
- 1 «- 


1981)2 


Stock 


K ! High: Low 


; m 4 - or 

:M " 


flOO £25 
« iFJ*. 

ti F.P. 
vigigfio 
4100 F.P. 
‘100 F.P. 
— F.P. 


30f7| S7U 25H 
12)3! 97 ■ 86 
26)2(112 102 
16/3 13 , 12 

- 1002*. 992* 

- : 100'*; 100 
— 122 105 


Barclays 16% Ln. Stk ^ — ; 27 - 1 * 

Habitat 9i% Conv. Uns. Ln. '98-2001^ 97 

Moslem ere Est 9pc.ConvUnsLn. 20B MB' 1091* — T 
Mid-Kent Water 9i% Red. Prf. 1987... 13. 
Nat'wtde Bdg. Society 16 1 *% (17U/83)_;10Oi* — a® 

Do. 15 Sb% (7:2l83> ,1001«+l8 

Vinera 10% Cnv. Loan 1B88 122. +7 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number in 
parentheses) 


Annual Interest • - Life 

gross pay- Mjahnum ;- of . 
interest able ' sum bond 


% 


Barnsley (0226 203232)' 14* 

Knowsley (051-548 6555) 14} 


Hear. 

i-year 


£ . Year; 
IJOOO r 3 
1,000 w 


t ; 


FT UNIT TRUST INFORMATION SERVICE 


OFFSHORE & 

OVERSEAS 

FUNDS 

Adg hrrestra ea t - 

Posteh 70a 8000 Mcnidi X Tetex 3242W 


uu 



Fexicfe 

AOaw Fond Maa a minHt t United 

P^.8n7ASLHe0fr,Jm. 053473933 
AltanyS FtL J05| 2J0 

Far Ueatakr Find see Uajib Be* h*L Cwmsey. 

ABeu Harvey 4 Bess lav. Mat. (C.L) 

1 Charing eras, SL Heller, Jsy,CJ. 0534-73741 


S A. ^ 

to^-OWBMBm-1 tSS«L2D fl< hece|^a5 

Etrotsx lurutmairts Ltd. 

fcc^ S h^S&S te0r ““' 072733366 
Eoretsx lw.FtBd — p063 1324 — J — 

FAC MgmL Ltd. brr. Miten 
I. Laomcc PouXney Ha. EC4. (06234680 

Fhfefity lute r aa Smat (CJL) lid. 


( Bero q) 

Hired CL SL Peter PM. 1 tana 1 04BJ664& 
LJ.StcrfiagFcsad JOA42 IMM .—I — - 

Meg & Stawoa Mngrs. 


S MSAMSJKK Be ^«m 

Dtetrbutico Feb 11-16 (0001789). 

Artmtimot Secraides (C.L) lid. (aXcXh) 
Pi3.8ox234.SLHeGer.JTOy- 053476077 

Gov't Secs. X*.(CI). 





037 


Deaficg oa Wt da es^r. 

BJ JL Bead ta wtawb AS 

10. B te V dar CH6301 2m, Swttzsrtond 

Bearer Std. Jan. 19_&0iS 10,7001 ..... 

Bank of America Mcnatioaaf SJL 
35 Eednsri RqeL Uubiuui G-3. 

Wkfcwst fcxx=re ’/SOBUB 1C7J5J ...1 65L 
Pries a Jax 2LNnt ab. dry Jav 27. 

Barbican I takinC.t (Jersey) Ltd. 

P.0. Box 63, St. HeAer. Jersey 0534 74806 
BartLloLFocd fill? 22L5| 1 ZOO 

Barclays Unicam lutanathasl 

3. Cssrib) Cress, SL Keffer.Jsaey. 953473741 

(Moff Trot S7-1 38.M — J 3520 

UnceUerlnte pJSSlB 12M .. J Jfl 

l**aodTresi— 85J4 4 1L40 

.DeniSLlMBhkeJte CWI| 


Fdn dSJL 

USB8.9B | — J - 

Frankfort Trust iuiuibiuid ftidill 

Utaroi 3. MOOOfMM 

Free World Food Uri.. 

— - - ^ w a m+j— II 

Oliupi iipu mhibil 

NAVDec.31 1 OS Sl B g I 1 - 



. s 

. 




Trust 

Korea Invest. Trust Co Ud. 
C«. lot Me Wf^Hgetj 

Feb 12. WAV IW * 

Tba Korea Trust 

Bwtei Investment Thrat OolIM. • 
FM Britts, 1-124 YokJtMtas, Saudi Kbrea. 
WAV Feb. -6 {WbB 308209 0051526) 

Lnad Breams & do. CJmay) Ud.. 

P& Box 100 SLHriier, Jersey, CJ. 0534 37361 


Uoyds Bk. <CX) WT Mgrs. 
POL Bex 390 SL HaNariJenw- 
UtediTSLi 


32Q, Cheap*!* EC2- 


Sctndar IM That Mmsl lot li d. 

Box 273^L PMw Phl tenses. .'-848128790.. 


Uojek htfrorir — 1 
— itofb &l loasai 


Bbtwpsgris Coraraodtty Ser. Ltd. 

PH Bor 42, DcagSB, lc.M. 0624-29911 

ARM4C*M1 OBL2D 56 57 ] 1 — 

CMPjTJj^F|oL. — 157 

MAF3A»Jm.4_IHp93j 103% 

Ortte *510 led -O. HotaLlbrl 

Bridge H mm ad Ltd. - 
CFO Bra 590, Hcos Kong 

I'zd U8 

Britrana (otL I md— t MagnL Ltd. 

fsA Ser mn & ^ M SL 

ILS. Ottr peEqed^*fi_=tate 
A-n. Sxrrfer 

GoHFjm**- 

Unhutsa! &WS FvoCI -® 0-' 

Dofier Income Fd — ®Jr74 QJ 3420 



Gattmare Invest. Ltd. Ldo. Agts. 

2, SL Mary Axe, Lflndoev EC3. 01-2833531 

lSCBlWd&ra HseTBHSjpa 

Aas&aSanTtL-t feSMgfe 

KK&Rec. U.TSL — WkH7, 

JTO»Fd 

H. Amman Ta 

lad. Booa ' 

— - flMS) W 

PABei32Dcote, WeofMaa TeL 0624 23911 

gsz&'&rm 

Asdcraazton GENERALI S«JL 

PJL Bra 132, SL Priw Port, Gueraey. CJ- 


Uoyds Bade bhnottel, 

P JO. Bos 438L 3231 Gcnte.31 BtewteO^ 

4 iljo 

;.J LOB 

Uoyds Bade Uamatteri, Bu e riiaey ■ ‘ 

PX. Box 136k Gaenaqfc -Cteoel. ftefc *.• • 

A to rip Teri 1 USg2jy_r.— J — 

. Ret a— arira Jai ZS.: 




f 1 


ii. r . j 


3, Clarke ChmSL Heller, Jem* 


053473743. 



tertJy . _ 

PA te 177^ HamBtt 5, Bemwte. . 
Mleipwltert .. BHWm;53B66HMBtl — . 

tlfe^taniiceCLlk - ^ 

2C Secretey** lane Meritor 01035073037 
Grtmdi Strategies Fd_|£Z26 - 22$ _ U -* 




Abb ub 
A jstrahan Paf. 

Far East Fad. 


tern SMphry TsL Co. (Jersey) ltd. 

PJl 9ax£83, SL HsKer, Jersey. 053474777 

BottarileM Uznagerant Co. Ltd. 

PJJ. Bex 195, Hajreton, Benteda. 

todrest Eeutty WSS 125 !- 

Buttress hxwne OJ& 2j 

Prices a Feb. Irina aC. et) 

CAL It — stoat s (toM) Ltd. 

, IBM. _ 0624 25031 


United 

P.O B« 73, SL HeBer, Jersey. 053473933 

Gamess ktat— Fd. Mgrs. (teareaey) 
PO Bra 138, SL Peter PortBuenaer. 0481 ZXXS. 

W.TwW-JaUatV' 

Ha m te o Pacific Fund MgmL Ltd. 

21101 Coonraght Centre, Hong Kcnq 

SKMidH MM = 


tntemtinal Ltd. 

Bk-ritenadaBM^BBrintt.- 8OM9M00O 

“ 

• Prices « FA-5/ hen 1 

MUagd Brek TsL CoqkiJney) Ltd. 

, MB SL. SLUcEer, Jasey. 053436281 

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3Httareet, Dougte WM ' 062*23914 

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SL Hate, Jersey. . 0534-73460. 

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Berraria Ha>, SL Jidam Aw. SL 
Guernsey C.I. 

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CagHal leten i atte M I Fund SJL 

43 6orie«aRi Rcyri, Loeitarii 

CapKsI IrLFud I USS2&.05 I . - 4 — 

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Channel Use., Sl Heller, Jroy. 0534-73673 
Central Asets R230JB 2KL2U+G2B — 


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7 New St,SL Peter Part. Guernsey 048326542/2 
- - 1 <US cents] .(1190 J25J| J - 


NEnersds, QBste.9fars.Ftt. te 

PO. Bra 194, SL He«er, Jetsey. • U53427441 

MORES Feb 11, (U9R3S 9 jSB| — l — 

Murray, Johnston e [tor. Adviser) 

163> Hcpe SL, Gtesgwc'C2. 0tU221ZZl 
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Mat. Westadpster Jersey Ftt. Mgrs. Ltd. 
ZYZS Bread SL.SL heO«r; Jersey. 063470041 

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Chrwton CoranriBies (Idc of Man) Ltd. 
24. Athol Street, Dotes. 1-o-M. 063421724 

torradjMeialTncl.tpw; 13448 .... J 4.W 

Cornhfi his. (taverl Ltd. 

P.0. Box 157, SL Fater Part, tenser 
Intri. Man. Fd. 1227 J) 247/1 — 4 - 

Cottaa tatemafioMl 

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DWS Deutsche Ges. F. Me rtpap ter m 

Orurafaureiteq 113, 6000 FraoWurt 
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Delta Greup 

P.O Eoe 3012, Ifagao, Bahamas 

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Lcneen te: Ktamuit Bensra. Tel: 01-623 8000 

Dtescfaer imeriment-Dwt ' 

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an. Cteocester, 1 1 tedder. Hons Kang 

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8 LeFebare SL. SL Peter POrt^Guarasey, C£ 
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PC Box 63, Jersey. 053476029 

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last George SC OttteGloM 068425015 

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N.V. Intrrtaebeer 
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PA Box 119, SL' Pater .Pert, Guernsey, CJ. 



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P.a Box H3712, 
NAV Feb. 9 


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Daman Lawrie hre. Mgt LM. 

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PX Bor R237, 56, Pitt Sl. Sydney, Abl 
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33.-45,1 Grafran Street. EC2V 7LH. 01-6004177. 

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Talk Property 
|B|B Development 


Development to the 
people who know. 


FINANCIAL TIMES 


Telephone: 0632 845671 


North British Properties Ltd. 


Monday February 15 1982 


Industrial 

revolutions 

Ba!' Bearings 
Roller Bearings 
. Needte Bearings 


TAB 

Hcew Umn rOitn, • 


Labour plans education reform 


The plans are certain to create separate block grant. This 
uproar among all education P a P er is now being expanded in 


BY ROBIN PAULEY 

THE LABOUR PARTY has fol- • Staffing levels, subject bv The plans are certain to create separate block grant. This 
SmfLrf?' 1 ® in subiect; ■ uproar among all education paper is now being expanded in 

cmtSlof • Xn-service training (at least authorities, but Mr Kinnock in- detail and with urgency The 

one in 20 of «U teachers to be sists that he is only planning Environment Department and 
trom local authorities. under new Lrairjil , g at any what has \ on o been Labour Treasury regard the ideas 

Education accounts for more timej. ‘ - Party policy, although he admits favourably, and. as the Green 

than half of all local authority . These national .minimum he. will have to persuade the Paper shows, there is no hope 
current expenditure and will standards would be set and con- party to put it into the next of abolishing domestic rates, 
cost more than £9bn (at 1980 trolled by a new body, all of manifesto. Ministers are looking for an 


W. German 
TU housing 
group sacks 
chairman 

■By Kevin Done in Frankfurt 


the lex column 


The 


prices! in 1981-82. It is the whose members 


mifesto. Ministers are looking for an THE CHAIRMAN and two 

Mr Kinnock did not refer to attractive political initiative members of the seven-man board 


treads softly 


major service of shire counties, nominated by the secretary of teachers' salaries, but it is in- which will cut rate bills. But of Neue Heimat, the biggest j The more flexible approach to 

metropolitan districts and outer state. They would include local conceivable that liis plans could, it is unlikely that the' Tory housing development company ' u.S. monetary growth taken by 

London boroughs and represents authority members, teachers, or would be introduced without option would be a 100 per cent In Western Europe, have been • Mr Paul Voleker before Con* 

the lion's share of all domestic education inspectors, and repre- bringing control and financing grant, so it would be a less dismissed after allegations that ; gress last week must hare been 

and non-domestic rate bills. sentalives of interest groups, of pay to the centre. centralist solution than Mr use .d West German ; as welcome to the policy makers 

Mr Neil Kinnock, the Oppo- such as educational publishers. The Conservative Party is Kinnock's. trade union-owned company to ■ 0 f Bonn and Frankfurt as the 3 ’ 

sition’s education spokesman. Although control of education working equally hard towards Mr Kinnock insists that the promote their private business ; were to Wall Street. West Ger- 

yesterday advocated the com- finance would be removed from greater centralisation of eduea- present system is not working, interests. * many, after all, is threatened 

plete reform of education con- councils they would stay in con- tion expenditure, not least and centralisation is the only Three other board members : with the kind of confrontation 
trol based on setting minimum trol of administering *lhe ser- because it would take the most answer. Some local authorities pave been suspended until an between budgetary and mone- 

national standards financed with vice, and any council wanting expensive and sensitive item out have cut education spending so independent inquiry _nas been . taj y pojfcy which already 

specific grants. Five standards more than the minimum stand- of rare bills. However, it is drastically that there is now a completed into the affair, wmcn characterises relations between 

would be set for: art j j n a nv or all - categories not clear whether Tory plans serious shortage of books and has . dee P‘ J embarrassed tne white House and the 


FT-A 

All-Share 

Index 

\r\ 


\ a! 

i • L 


Under-five provision (every could 


education' authority to proride through the rates. Any council General Election, 
enough places for 80 per cent not reaching the minimum The Government's 


Jl till' »vi - -v... oiiuua^c ui wuuiva dliu . _■ " r L a . 'uiuc ■*** 

the extra cost could be enacted before the equipment — also a subject of *F a ~ e ™ ovement -^ n j Federal Reserve. 


ounting concern among de- JEJ?? k 


nf three to five-year-olds; 

• Books; 

• Laboratory equipment 
workshop materials: 


Green partment officials. 


standard would not get the rele- Paper on alternatives tn domes- More than £lD0ra would need 


| Herr Albert Vietpr. 59, chair- i Bonn’s shaky coalition govern- 
i man of Neue Heimat since . ment has been leaning heavily 
1963, will be ' ' replaced on the Bundesbank to take a 


-•■^.Standard and 
.* Poors 


vant grant. An increased num- He rates contains an education to be spent to restore provision immediately bv Dr Diether Hoff- • more relaxed line on the defence 
and her of inspectors would make department appendix on options in this category alone to 1978-79 mann manasiM director of the • of the D-mark and to con- 
random checks on standards. w- x.-; •- — « mann ’ managing mrecior oi , — 


education, including 


levels, Mr Kinnock said. 


trade’ union-owned Bank fur ! centrate on stimulating a stag- 


ing the figure to top DM30bn 
This < would still be below last 
year's deficit of almost DM40bn 
but the Federal Government is ' 
likely to finance a much smaller 
proportion through Saudi Arabia 
this year— again, partly ^ a 
consequence of the lower real i 
oil price — and local authorities 
are not projecting the tame i 
gratifying fall in their own net 
financing requirements. So the 
supply pressure on Germany's 
domestic capital markets coiiid-. 
be just as great as in 1981. The \ 
German public sector has relied 
heavily on short-term financing . 
over the past two years and 1982 ; 
will see some bunching of ' 
red era prions in these instru- 
ments, many of which have been 


Heron bid 
will be 
matched by 
a Court 


Lloyd’s concerned oyer Laker 


BY JOHN MOORE 


Gemeinwirtschaft. ninth largest , nant economy through a progres- implications both for the sold abroad. . : 

bank in West Germany. * reduction in mter«t rates. curre ncy ant i the cost of money. A major reason for this has 

The other two to be dismissed ; The coalition is roughly the The we akness 0 f the oil price — been the authorities? unwilling- , 

are Herr Harro Iden and Herr same distance from an election 0 f commodity prices in ness to issue long— that is, ID- = 

Wolf sans Vormbeck. : as Mrs Thatcher and is deeply genera i — gives the Bundesbank year — paper at present interest 

The special meetings of he = embarrassed by a level of un- more i eewa y to allow the mark rates. The aim now is to ' 

! Neue Heimat supervisory ■ employment which has doubled lo ease; the spot oil price must, lengthen average maturities on 

I boards, both chaired by Herr j to 2m in little over a year. be watched nearly as carefully lower short rales . and an , 

Heinz Oskar Vetter, head of the ; as the Federal Funds rale. upward-sloping yield curve; the * 

■ Compliance Nevertheless, like other Euro- are further weakness In 1 

iH»ntrai banks, the Bimdes- t^ e currency and therefore r 


supervisory ; employment which has doubled lo ease; spot 0 n p r i re 
ired by Herr ' to 2m in little over a year. watched nearly as car 


LLOYD S OF LONDON said underwriting at Lloyd's earned fine. “ We are waiting for him | Heinz Oskar Vetter, head of the l as the Federal Funds rale. upward-sloping vield curve- the ‘ 

yesterday thar its membership out on his behalf may be to make proposals to us." 'Deutsche Gewerkschaflsbund. : p rtTn „l| aTir< » v-— lit- risks are further weakness in 1 

department will he “ discussing forcibly suspended, although he Yesterday Sir Freddie was in ! the West German trade union : ^0mp™»ee Nevertheless, like othi nEot* ." md aSSnS 

with Sir Freddie Laker's under- could still keep his membership. Parts holding talks about his I federation, were held at the The government itself accepts reluctance bv Hon-resitods to 

writing agent at the earliest Sir Freddie is expected new venture. He is thought to weekend as new allegations . that Bundesbank compliance in bank w re-invest in D-Mark bonds * 


By John Moore 

AUSTRALUN 


entrepreneur i of Lloyd's 


Mr Robert Holmes a Court has } insurance market which relies 
told the board of Associated : on the support of the rich to 
Communications Corporation. '■ support its operations. People 
the entertainments empire : joining usually have to show 
built up by Lord Grade, that he ; wealth of £100.000. In return 


of London, the him and Lonrho. 

rket which relies The Civil Aviation Authority 


Laker Airways collapsed. 
Lonrho stressed yesterday 


in property 
Berlin. 


Herr Vetter said at the week- ' this month. 


gramme unveiled in Bonueariier 


reserves position. The bank's b® toppled from the high wire 
net foreign exchange reserves if Mr Voleker is obliged to . 


on the support of the rich to said at the weekend that Sir that its feasiblity study into j end that a number of trade 

support its operations. People Freddie's finances will not he the new joint venture airline union leaders, himself included, 

joining usually have to show considered when the application " m ust prove satisfactory " invested in housing develop- 


ns month. feJ1 by QVer £>M2bn between the tighten money in the face of a ( 

The Bundesbank is already end of last year, and the first continuing overshoot in the U.S. 


co-operating as far as it dare, week in February. 


wealth of £100.000. In return is heard. The authority said before 


mooted Laker- 


is prepared to match an offer of , for pledging unfettered and that the entrepreneur's personal Lonrho airline takes off: "We've l the terms of West * Berlin " -IrnSr^n 
£46.6m mounted by Heron , unrestricted wealth to help resources were irrelevant. “The sot to battle on licences." said , development laws, which allow* ^ , an 


J™ 1 “ Z "S2 7.SB: : Li ke the Bank of England, it As in 1981. the West German _ _ , 

ment schemes in the city under , willingness to economy is unlikely to receive French rates 


money supply. 


Corporation for ACC. [ meet insurance losses they question is what money does Lonrho. 

The move was announced to | receive a 'share of the profits the companv have?” 
the board in a rwo-and-a-half , and investment income. Sir Freddie’s Susi 

hour meeting on Saturday after- [ At the weekend Sir Freddie for sale at £lm anc 
noon, and ahead of today's legal l “ I haven’t a bean. Every- a t Chailley, Sussex, 
action by Heron Corporation. , thing I possess is pledged to the market for £3(K 

Heron, a diversified private I vdetArriav «• whmi raised from the s, 

rnmnanv built un hv Mr Gpralri 1 Lloyd s said yesterday. When properties will be us 
compan, oum up o> Mr ijeraiu . momw miiroc ■» cuttmont 1 _i- i.... 


i development laws, which allow * * rr ™ P l a " e 2? anc ‘P aC «> n * any help at all from the domes- But at least the Bundesbank 
i such investments to be claimed is 7,01 treading the path of 


lesuun wnai moncj uoe.s — — i sucu ui»csu«aiu. uc uauuvu . ^ PpHarai n swm > Tho mtP is cithhnmlv nmnm« al a ■ 

e companv have ? " Arthur Sandies writes : as tax allowances. : SS,- hirt l? east€r money on kte own ' 7he 

Sir Freddie’s Sussex farm is Britain's major tour operators Herr Eugen Loderer. head of ; ^ French authorities dropped 


Ronson, is attempting to block ljk ' th d b Si 


Lloyd’s said yesterday: When properties" will' be used to repav Laker Air Holidays do not ! said they were legitimate invest- : P^^ e ^ Predirt^ I^t week vestment 
By member makes a statement bank loans. emerge as serious challengers ! ments open to all members of *L . aU “r Fnrpiom 

ke the one made by Sir From a practical point of to their supremacy. i the public. v ^ f ^ 0TderS 

reddie we have to discuss it view all my assets are now held All the major tour operators ! The unions have been deepl> 


view all my assets are now held 


The unions have been deeply 


plus in 1982 after last year's 
DM I7.5bn deficit. 


mood. West Germany conducts , 
the bulk of its foreign trade - 
within the countries of the 


with the underwriting agent hr Clydesdale Bank," Sir have put on additional capacity embarrassed since allegations This is a slightly more opti 


So forecasts that the West European Monetary ■ System, 
German economy will attain a against which the D-Mark lias 


n* ' will! 0*^111. Ill U»UCMldlC ISdlliV, lid VC JJUl Ull SQUUIUUdJ VdUaCllV . . . « “ vipjl- .. ' T- 

—represen un^ neariv m per i who looks after ^ mem b er » s Freddie said. for the summer and most are 1 a faoul Private property mistic analysis than that pro- real growth rate of around 1.5 remained fatriv steady smee . 

! affairs.” The Civil Aviation Authority wooing both travel agents and J interests of Neue Heimat board vided by most independent per cent this year rest heavily year’s realignment. ! 

to Mi Holmes a Lourr. tie n , ^ fhp membership depart- said that it was still waiting to hoteliers with assurances about ■ members first appeared in the . German economists. It relies on , a continuing increase in 7?ie Bundesbank may prefer . 
has is. en tn. matter to tne menr j s not satisfied with Sir hear details oF the Laker- the value of dealing with e^tab- j news magazine Der Spiegel last heavily on the continued weak- foreign orders. The Bundesbank to pause for breath until the. 


_ nauouvu I iivoi uv.nu*j vi ins « nv 'hiww vv uvuijii, 

Appeal uourx. I Freddie’s personal standing Lonhro plan for the new air- lished brand names. 

When the offer of £46.6m was 

announced by Heron last month. 

sSSSr* Sweden sets Euroloan record 

JSFJS 5,°, lra c” a i™.™ Vo? BY PETER montagnon. euromarkets correspondent 

ACC from Lord Grade last SWEDEN HAS set a record for investors in protecting them- floating-rate notes." 
month, has turned the tables the Eurobond market. It was settles against volatile interest This realisation 
on the Heron camp. confirmed at the weekend that rates. been helped by resi 


week. ness of oil prices and on some will 

The West German unions ■ improvement in the purchasing export: „ 

have widespread business , power paritv of the D-mark. German industry when it deter- dearer and the U.S. m*: 

interests, including not only ; rf ., ha _ b ., mines interest rate policy, supply figures develop a more*? 

Neue Heimat, and the BfG. but ' hU wn u als0 needs 10 worry about disceniiWe pattern. In terms of 

also Volkfuxsorge, one of the cou^Jf^^V^con^dicted— l h !r financ i n ? o£ a substantial its own monetary aggregate, it 

biggest insurance groups, and ; . 0 budget, deficit- .still has plenty of scope, as can- .. 


dearly consider 
competitiveness 


the outcome of the current West ' 
o' German wage round bect^ga? 


ttiT^ th*" chalrmanship of ««* montagnon. euromarkets correspondent » Op AG. | 5 the^" «£S < ^ u »n £ « fe W which wl W = stock mk 

ACC from Lord Grade last SWEDEN HAS set a record for investors in protecting them- floating-rate notes." supermarkets j * inc * earI - v October, when the .{JJjj 1 ! veer’s 4-7 ner pphi 

month, has turned the tables the Eurobond market. It was selves against volatile interest This realisation may have revelations about far- Bund c s!j ank took the first step J For the P fir«tf ti-n* 

on the HeTon camp- confirmed at the weekend tbit rotes. been helped by research by the r ,^h?n 2 DHvate r.ronertv in- ! Jo^ds brinslog iU key speclsl i n 

Like Heron he is offering R5p the final amount of its latest The interest on floating rate investment house Salomon fp rests built up bv Herr Vieror i Lomb3nl rate down from 12 per West’ fVrmanv^ u! * 

pprshareforthe nonvoting "A” borrowing has been set at notes fluctuates in line with Brothers. This shows floating- 1 l nd ^ ! c 5 n ”° present 10J per cent. !■ 

Shares held bv more than 11000 S650m. the largest amount money market rates so that the rate notes were the best invest- h d mem hers have come as a i he D ' maric has depreciated by hanks that 

340p for the crucial voting mar ^ t - in the form “We are in a period of great to?al annuS ^return of 203 ^per Vette ri due to retire as chair- intervention has went of DM 27.8bn for 1982. not discouraging that notion, 

shares large* held, by ACC The 1 Mmwliu ^ in f om ^.Wearema period of great tota an ual return of . pe of the trade union federa- become less determined, with Many economists are expect- The rest is up to Mr Voleker. 


tuiwuisuigv, unc W U“ i me uuRuuufi 

bigg«t tasur,nce^rou|«.j»d; by ,upwrt "hr ft? D?mSk • deficit 


Like Heron, he is offering 85p the final amount of its latest The 
per share for the non-voting "A” borrowing has heen set at notes 


340p for the crucial voting 
shares largely held by ACC 


The borrowing, in the form “ We are in a period of great total annual return of 20.3 per 


Hirprtnrs Lord Grade "holds a I of a floating rate note, was volatility that makes people cent. 

n- c jyor 4,1 nr it nf votin® I originally planned to be $400m. very nervous and uncertain." Dr von Clemm said that suc- 

“I." P er cent PIOCK Ul vuuiie, . th-. -n- *AT1 .k.nl MCC nf thf» SuioHich icciiP 


Vetter, due to retire as chair- 
man of the trade union federa- 
tion in May. 


shares. 

Heron 


Corporation 


** but demand was so strong that said Dr Michael von Cleram. cess of the Swedish issue was j 

by the end of last week lead chairman of Credit Suisse First due partly to the relative short- ; 

. was managers Credit Suisse First Boston, which arranged the age of similar paper from other j 


locked in talks with its advisers Boston were able to increase issue. 

yesterday and was considering the amount by more than 50 per “More and more investors at 


borrowers. 

It would be wrong to conclude 


events. 

The Australian’s latest The success of the deal testi- realise they should have a por- deserting the fixed rate bond 
attempt to gain control of ACC fi es j 0 growing interest among tion of their portfolio in market, he said. 

is unusual in that the earlier — — - 

nffer of £3Rm is tn stand. An 

offer document detailing the Continued from Page 1 ( Continued from rage l 


'Australian’s 


the retail level have come to that 


totally 


terms and signed by thp direc- 

SwEf* be u.S. Ford pay freeze 

holders today. Mr Holm**s li Jr 

Court’s, higher offer has been a p pears that under this clause, ship rather than merely produce 
launched without gaining a worker laid off. say at the age short-term savings for the 
formal recommendation fro, J] of 40. and not re-employed by company, 
the ACC directors, although p or( j co U id continue to receive This presentation will be 
that is likely to be only a minor 60 per cent of his take-home pay vital in securing support from 
formalitv. until normal retirement age. if the rank and file. A council of 

The Takeover Panel said that was unable to find another Ford workers will consider the 


Wednesday 


although two takeover bids job. contract on Wednesday in 

from one and the same company other features of the agree- Chicago and, if it passes that 
of different values was ment are increased flexibility in test, there will be a mass vote. 
<• extremely rare," there was moving workers from plant to If the contract is ratified, and 
nothine against the move in plant and a re-opener clause the union's leaders appeared 
principle- which will allow the union to go confident of this, it would he 

It added that it wnuld he back to the bargaining table Quite a coup for Ford, given 
having talks with Hamhros a f te r January 19S3 if Ford's car that General Motors and the 
merchant bank. Mr Holmes a sales have returned to their union had to break off talks a 
Cnurt's advisers, to see that 1977-78 level. few days ago on General Motors’ 

1 - . ■ j a.— tv.. Jin ti : » «L n i n .I., . tn nut urnpL'dre' nor nnri 


» nohndv is accidentally dis- it is evident from the terms 
advantaged." of the deal that Ford will be 

The first offer seems to have raking on some extra costs as 


1977-78 level. few days ago on General Motors' 

It is evident from the terras plan to cut workers* pay and 
of the deal that Ford will be benefits 


The first offer seems to have raking on some extra costs as The Ford contract is less 
b*en left running so as not to well as shedding some, which demanding of workers than the 
undo the irrevocable undertak- explains why both sides yester- General Motors’ plan and will 
in-s and commitments given by . day defended the agreement as be helped by the fact that Ford 
ACC directors to accept the one designed to alter radically is continuing to make large 
earlier offer. the union-management relation- losses — SIbn last year 


Continued from Page 1 

Carrots 

stands in the middle of the 
prolific oil field. The school 
occupies a five-acre site, and 
that is enough land to accom- 
modate six producing wells, 
according to Mr Joe Kimmel. 
operations vice-president of 
Kernridge Oil. the Shell sub- 
sidiary which operates the 
field and owns the farm. 

Mr Kimmel said there could 
be no doubt that, if Shell 
found oil on the farm site, it 
would drill. Oil production 
was a good deal more profit- 
able than farming, he pointed 
out. Last year, the farm and 
packing business returned an 
after-lax profit of just 
$750,000. 

Meanwhile, Mr Herrick 
continues down on the farm, 
using the most modern tech- 
niques to produce and harvest 
the 20 various crops. 


UK TODAY 

MAINLY dry with sunny 
periods but cloudy in parts. 
London. S.E. and Eastern Eng- 
land. Midlands, SX. Scotland, 
Borders 

Frost. Mostly dry with sunny 
intervals. Max 9C (4SF). 
i Channel Islands. S.W. England, j 
S. Wales 

Mostly dry but cloudy. Mas 1 
10C (50F). 

N. Wales, N. Ireland, N.W. Eng- 
land, S-, Central and W. Scotland 
Dry with bright intervals. Max 
9C (48F). 

N. Scotland, Orkney and Shet- 
land 

Cloudy with showers. Max 
7C (45F). 

Outlook: Dry. but rain In Scot- 
land and possibly sleet in S.E. 
England. 

WORLDWIDE 

Vdoy | Y'dsy 


camtal 


China to open London joint equity venture 


I UUiipju v ■ i>«iwnu 

BY GftJNA MAC DOUG ALL Cairo f 17 S3 Nwcsti. 

" . _ - ....... CanliB S 7 45|N. Yoricl 

CHINA'S FIRST Joint equity Oils and Foodstuffs Import and reaching about 100. It currently ment is due. ■ he said. Cas'^ca f 13 wjN.ra 

venture, in the west is expected Export Corporation, Fujian has three properties in the city Fujian s import trade is small _ - -}*'£«» 

to open in about three months' branch. in new as a possible base. but the 1 pronnnal authorities cdo ^ nr R 6 ^[osi,, 

time in a £lm, four-floor build- This will be the first Chinese The division of the equity will are eager to develop it. It has cpnhgn. Fg 1 34 1 Pans 

ing in the City of London, pro- joint equity venture outside probably accorf .with the ^normal gj. c 12 m m 

viding up to 100 new jobs. China to be -set up between a practice for Chinese joint ven- near Xiamen Amoy) Dub | tn ^ s 7 ^ji Rvkh , k . 


Fujian province arrived yester- and a foreign- company* bo sioe a smaui majunig 

dav to sign a deal setting up the far only a score or so of joint While no figuresfor Fujian _s of three 

venture with the UK-based com- equity ventures have been set trade with the EEC are avail- a JjJ e 

pany Chan Brothers. The new U p within .China., while, there abb. for 1981. Mr ChM experts to us* eredrt pnmdod 1 by he 

company, whose English name are a handful in Japan. exports to at . least double the ECGD .deposit facility the 

is not yet decided, will have The chairman of the new com- 1980 figures. These, at $i4ra W-bn _ f u nd L fie i !?> 

esxclusive rights to handle all pany, two directors, a foreign (£40mj, rose by $32m over 19,9. » r SS iKB 

trade between Fujian and the trade specialist and a public Fujian’s exports so far are lofinanceS! no-Sntish 
EEC relations officer will be from mainly food products but the The City of London hea d- 

This traditionally outward- China. Mr Charles Chan, man- scope is expected to broaden quanerswm accommodai le show- 

looking south eastern province aging director of Chan Brothers into light industry. Mr Chan rooms dls P ] f^"J Fujian pro- 

which faces Taiwan, is one of known with his brother Kenneth believes the new company will rhan BnS 1 ?! hi -mi rv or 

•»ly two provinces which has „ the Kins Prawn. Kings, in he able to ^ 5,?,!"' 


I U1UMIILL U11CLIU1 Ui Vjlltui UIUUI6IO *•£.*■*■ - Alilp : -A(1 

is one of known with his brother Kenneth believes the new company will duc^ and emces. 
rtiich has as the King Prawn Kinss. in be able to provide excellent Own uAe bigsert Over- 
ip certain the frozen seafood business, credit terms to British buyers M 
joint ventures without will be managing director. to ease cash flow problems. If La- 1 jear its J ea ^ h ® d 

reference » Peking. Tbe.fiiher The new company plans to a supermarket wants to buy 100 reached flora, a hrle the whole 
is Guangcdong. recruit European staff to run tons of Chinese mushrooms, Chan group—wftich includes 

The Chinese partner will be the trading side, numbering they can have them ^ canned and a I^ £2 J” ns P ort 

the China National Cereals, initially up to 40 hut eventually on the shelves by the time pay- compan es— -came to -Dm. 


Ajaccio 

C 

midday! 

*C *F { 

13 54 ,L. Ang.f 


midday 
*C r F 

Algiers 

C 

17 

63 Lujtmbg, 

C 

4 

39 

Amsdm. 

F 

7 

45|Lu*or 

S 

20 

68 

Athens 

F 

10 

50 ; Madrid 

S 

10 

50 

Bahrain 

S 

15 

59 1 M a rorca 

c 

15 

59 

Barclna. 

F 

13 

55 1 Malaga 

F 

17 

63 

Beirur 

C 

12 

54; Malta 


15 

59 

Bollast 

F 

4 

39 M'rhsu 

S 

5 

41 

Belgrd. 

s 

4 

39 Mclbne, 


<— 

_ 

Berlin 

s 

4 

39, Ms. C.t 



— 

Oiarntz 

c 

11 

52 1 Miami}' 



_ 

Bmohm, 

s 

7 

45 1 Milan 

Fg 

1 

34 

Blackpl. 

F 

6 

43 Mnrrlf : 
52 Moscow 

Sn 

-13 

9 

Bord k. 

F 

11 

c 

—2 

28 

Boulgn. 

F 

9 

48 1 Murrich 

F 

1 

34 

Bristol 

S 

a 

46 1 Nairobi 

C 

30 

86 

Brusse'9 

F 

8 

49 1 Naples 

R 

10 

50 

Burinsf. 

s 

1 

34 1 Nassau 






Cairo 

F 

17 

83 Nwcsti. 

S 

7 

45 

Card'R 

S 

7 

45 |N. Yorkt 


_ 



Cas'bca 

F 

13 

64 J Niro 

R 

9 

48 

Cope T. 


_ 

— j Nicosia 

C 

12 

54 

Chicg.t 

c 

-a 

18 | Oporto 

F 

13 

55 

Coloflnr 

B 

6 

43 [Oslo 

SI 

O 

32 

Cpnhgn. 

pg 

1 

34 Pans 

C 

4 

39 

Corfu 

c 

12 

54 Perth 

F 

20 

R8 

DenMori 

F 

10 

50 Praoue 

c 

—2 

ra 

Dublin 

S 

7 

45 Rykjvk. 

F 

-1 

30 

Dbrunk. 

F 

11 

52 Rhodes 

S 

13 

55 

Ednbgh. 

S 

7 

45 RioJ'ot 


— 


Fjro 

F 

15 

59 Rome 

c 

12 

54 

Florence 

c 

11 

52 Salzbrfl. 

F 

0 

32 

Frenkft. 

R 

3 

37 S'ciscot 

R 

13 

55 

Funchal 

F 

19 

66 S. Mrta. 





Geneva 

R 

6 

43 Smgapr. 






Gibrltr. 

F 

17 

63 S'tiagot 






Gl'eg'w 

F 

6 

41 Stckhm. 

C 

-1 

30 

G'rnsev 

F 

7 

45 Strasbg. 

R 

6 

43 

Helsinki 

C 

vi 

2B Sydney 


„ _ 



H. Kong 

c 

13' 

55|TangiBr 

C 

16 

61 

Innsbrit. 

c 

3 

37rTal AvrV 

c 

16 

61 

Invrnsa. 

s 

6 

43'TenoriIe 

c 

20 

BB 

l.o.Mnn 

s 

7 

45 [Tokyo 

F 

9 

48 

Istanbul 

F 

5 

41 iT'rntot 1 

2 - 

-11 

12 

Jersey 

S 

8. 

46 i Tunis 

F 

18 

64 

Jo'hurtj 


— 

— Val'nria 

S 

15 

59 

L. Pirns. 

c 

IB 

64 1 Venice 

c 

3 

37 

Lisbon 

c 

13 

55 , Visnnw 

c 

-2 

28 

Locarno 

c 

(j 

43 i Warsaw 

s 

3 

37 

London 

F 

7 

<5 ' Zurich 

c 

4 

3B 

C— Cloudy. 

F— • Fa»r Fg— Foo. H— Hail. 


g&M'' 


m l^apoordayforanewfor ofMatkmarennnBBfeciAndattijc 

endofthedaRyon’dhEVERtrniy 

EhebmlderiscallKiml'st. *SggJ valuable asset, built to achieve the best 

piats what usually happens. *||f posable 
^Aud the investor can only lose as a ffV Capit^* 

The alternative? ■ , P“tiumba-isOM22348S.Thcman_» 

Call Eovis- right now. ' ^ ^ BadpKsu Addies:Bam 

Boris can gi^^uhtdepth, professional ^ 

(mduding aM Middffio^^ 

_ And if 3 and when^the projectgoes ahead, 

yoiid have everything to gain fronilhe Bo vis 
Fee System of building: ■# ' 

_ An eariy start on site, all accounts open ■ O AlTf € : 
for inspection throughout the operation, and ■ 

prompt completion. • BaroC anstraction Ia n 

Iuieiest an building funds and the eEEeds Oncratm<rtV^<m 


f • .V 


B<^ConstroctioaIiHct£d 


I' -'Ruin. S — Sunnv 1 1— -S Imit. 

?n— Snnw T— ' TTiunrlar. 
f Neon GMT Umperfeturst. 


STSSTfIS anciaT Tim#'* ' a P, V nrad ^ St’ciwnWiUKi' ttr Vn& WMMied- 
oy tne ntmeil Ltd.. Bracken Hdum. Cannon Street. EC4P 4BY. 

— © Tha Rnandat Tlniaa Ltd., 1K2.
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